AIM INVESTMENT FUNDS
497, 1998-06-02
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<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND:
                                 ADVISOR CLASS
                           PROSPECTUS -- JUNE 1, 1998
- --------------------------------------------------------------------------------
 
AIM GLOBAL GROWTH & INCOME FUND ("FUND") seeks long-term capital appreciation
together with current income. The Fund invests in a global portfolio of both
equity and debt securities, in such relative proportions as deemed most
appropriate by the Fund's investment sub-adviser, INVESCO (NY), Inc. (the
"Sub-adviser"), in view of then-current economic and market conditions. There
can be no assurance that the Fund will achieve its investment objective.
 
The Fund is managed by A I M Advisors, Inc. ("AIM") and is sub-advised and
sub-administered by the Sub-adviser. AIM and the Sub-adviser and their worldwide
asset management affiliates provide investment management and/or administrative
services to institutional, corporate and individual clients around the world.
AIM and the Sub-adviser are both indirect wholly owned subsidiaries of AMVESCAP
PLC. AMVESCAP PLC and its subsidiaries are an independent investment management
group that has a significant presence in the institutional and retail segment of
the investment management industry in North America and Europe, and a growing
presence in Asia.
 
Shares offered by this Prospectus are available for purchase only by certain
investors and are offered at net asset value without the imposition of a front-
end or contingent deferred sales charge or Rule 12b-1 fees.
 
This Prospectus sets forth concisely information an investor should know before
investing and should be read carefully and retained for future reference. A
Statement of Additional Information, dated June 1, 1998, has been filed with the
Securities and Exchange Commission ("SEC") and, as supplemented or amended from
time to time, is incorporated herein by reference. The Statement of Additional
Information is available without charge by writing to the Fund at 50 California
Street, 27th Floor, San Francisco, CA 94111, or by calling (800) 347-4246. It is
also available, along with other related materials, on the SEC's Internet web
site (http://www.sec.gov).
 
FUND SHARES ARE NOT DEPOSITS OR OBLIGATIONS OF, OR ENDORSED OR GUARANTEED BY,
ANY BANK, NOR ARE THEY FEDERALLY INSURED OR OTHERWISE PROTECTED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD, OR ANY OTHER AGENCY.
 
An investment in the Fund offers the following advantages:
 
/ / Automatic Dividend and Other Distribution Reinvestment
 
/ / Exchange Privileges with the Advisor Class of the Other AIM/GT Funds
 
FOR FURTHER INFORMATION, CALL
(800) 824-1580 OR CONTACT YOUR FINANCIAL ADVISER.
 
                                     [LOGO]
 
- --------------------------------------------------------------------------------
 
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES
 AND EXCHANGE COMMISSION, NOR HAS THE SECURITIES AND EXCHANGE COMMISSION
   PASSED ON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS.      ANY
             REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
 
                               Prospectus Page 1
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
 
                               TABLE OF CONTENTS
- ------------------------------------------------------------
 
<TABLE>
<CAPTION>
                                                                                              Page
                                                                                            ---------
<S>                                                                                         <C>
Prospectus Summary........................................................................          3
Financial Highlights......................................................................          6
Investment Objective and Policies.........................................................          8
How to Invest.............................................................................         12
How to Make Exchanges.....................................................................         14
How to Redeem Shares......................................................................         15
Shareholder Account Manual................................................................         17
Calculation of Net Asset Value............................................................         18
Dividends, Other Distributions and Federal Income Taxation................................         18
Management................................................................................         20
Other Information.........................................................................         22
</TABLE>
 
                               Prospectus Page 2
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
 
                               PROSPECTUS SUMMARY
- ------------------------------------------------------------
The following summary is qualified in its entirety by the more detailed
information appearing in the body of this Prospectus. Cross-references in the
summary are to headings in the body of this Prospectus.
 
<TABLE>
<S>                            <C>                                               <C>
The Fund:                      The Fund is a non-diversified series of AIM Investment Funds, Inc., (the "Company").
Investment Objective:          The Fund seeks long-term capital appreciation together with current income.
Principal Investments:         The Fund invests primarily in blue-chip equity securities and high quality government bonds of
                               issuers located in the United States and throughout the world.
Principal Risk Factors:        There is no assurance that the Fund will achieve its investment objective. The Fund's net asset value
                               will fluctuate, reflecting fluctuations in the market value of its portfolio holdings. The value of
                               debt securities held by the Fund generally fluctuates inversely with interest rate movements. Cer-
                               tain investment grade debt securities may possess speculative qualities.
                               The Fund may invest in foreign securities. Investments in foreign securities involve risks relating
                               to political and economic developments abroad and the differences between the regulations to which
                               U.S. and foreign issuers are subject. Individual foreign economies also may differ favorably or
                               unfavorably from the U.S. economy. Changes in foreign currency exchange rates will affect the Fund's
                               net asset value, earnings and gains and losses realized on sales of securities. Securities of foreign
                               companies may be less liquid and their prices more volatile than those of securities of comparable
                               U.S. companies.
                               The Fund may engage in certain foreign currency, options and futures transactions to attempt to hedge
                               against the overall level of investment and currency risk associated with its present or planned
                               investments. Such transactions involve certain risks and transaction costs.
                               See "Investment Objective and Policies."
Investment Managers:           AIM and the Sub-adviser and their worldwide asset management affiliates provide investment management
                               and/or administrative services to institutional, corporate and individual clients around the world.
                               AIM and the Sub-adviser are both indirect wholly owned subsidiaries of AMVESCAP PLC. AMVESCAP PLC and
                               its subsidiaries are an independent investment management group that has a significant presence in
                               the institutional and retail segment of the investment management industry in North America and
                               Europe, and a growing presence in Asia. AIM was organized in 1976 and, together with its affiliates,
                               currently advises approximately 90 investment company portfolios. AIM advises the Fund and investment
                               company Portfolios which are sub-advised by the Sub-adviser ("AIM/GT Funds"). On May 29, 1998,
                               AMVESCAP PLC acquired the Asset Management Division of Liechtenstein Global Trust AG, which included
                               the Sub-adviser and certain other affiliates. AIM also serves as the investment adviser to other
                               mutual funds, which are not sub-advised by the Sub-adviser, that are part of The AIM Family of
                               Funds-Registered Trademark- ("The AIM Family of Funds," and together with the AIM/GT Funds, the "AIM
                               Funds").
</TABLE>
 
                               Prospectus Page 3
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
 
                               PROSPECTUS SUMMARY
                                  (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<S>                            <C>                                               <C>
Advisor Class Shares:          Advisor Class shares are offered through this Prospectus to (a) trustees or other fiduciaries
                               purchasing shares for employee benefit plans that are sponsored by organizations that have at least
                               1,000 employees; (b) any account with assets of at least $10,000 if (i) a financial planner, trust
                               company, bank trust department or registered investment adviser has investment discretion over such
                               account, and (ii) the account holder pays such person as compensation for its advice and other
                               services an annual fee of at least 0.50% on the assets in the account; (c) any account with assets of
                               a least $10,000 if (i) such account is established under a "wrap fee" program, and (ii) the account
                               holder pays the sponsor of such program an annual fee of at least 0.50% on the assets in the account;
                               (d) accounts advised by INVESCO (NY), Inc. or one of the companies formerly affiliated with
                               Liechtenstein Global Trust AG, provided such accounts were invested in Advisor Class shares of any of
                               the AIM/GT Funds on June 1, 1998; and (e) any of the companies composing or affiliated with AMVESCAP
                               PLC.
Shares Available Through:      Advisor Class shares are available through Financial Advisers (as defined herein) that have entered
                               into agreements with the Fund's distributor, A I M Distributors, Inc. ("AIM Distributors") or certain
                               of its affiliates. See "How to Invest" and "Shareholder Account Manual."
Exchange Privileges:           Advisor Class shares may be exchanged for Advisor Class shares of other AIM/GT Funds. See "How to
                               Make Exchanges" and "Shareholder Account Manual."
Redemptions:                   Shares may be redeemed through the Fund's Transfer Agent. See "How to Redeem Shares" and "Shareholder
                               Account Manual."
Dividends and Other            Dividends are paid quarterly from net investment income; other distributions are paid annually from
  Distributions:               net short-term capital gain, net capital gain and net gains from foreign currency transactions, if
                               any.
Reinvestment:                  Dividends and other distributions may be reinvested automatically in Advisor Class shares of the Fund
                               or in Advisor Class shares of other AIM/GT Funds.
</TABLE>
 
THE AIM FAMILY OF FUNDS, THE AIM FAMILY OF FUNDS AND DESIGN (I.E., THE AIM
LOGO), AIM AND DESIGN, AIM, AIM LINK, AIM INSTITUTIONAL FUNDS, AIMFUNDS.COM, LA
FAMILIA AIM DE FONDOS AND LA FAMILIA AIM DE FONDOS AND DESIGN ARE REGISTERED
SERVICE MARKS AND INVEST WITH DISCIPLINE AND AIM BANK CONNECTION ARE SERVICE
MARKS OF A I M MANAGEMENT GROUP INC.
 
                               Prospectus Page 4
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
 
                               PROSPECTUS SUMMARY
                                  (Continued)
- --------------------------------------------------------------------------------
 
SUMMARY OF INVESTOR COSTS. The expenses and maximum transactions costs
associated with investing in the Advisor Class shares of the Fund are reflected
in the following tables (1):
 
<TABLE>
<CAPTION>
                                                                                                            ADVISOR CLASS
                                                                                                           ---------------
<S>                                                                                                        <C>
SHAREHOLDER TRANSACTION COSTS:
  Maximum sales charge on purchases of shares (as a % of offering price).................................          None
  Sales charges on reinvested distributions to shareholders..............................................          None
  Maximum deferred sales charge (as a % of net asset value at time of purchase or sale, whichever is
    less)................................................................................................          None
  Redemption charges.....................................................................................          None
  Exchange Fees..........................................................................................          None
ANNUAL FUND OPERATING EXPENSES (2):
  (AS A % OF AVERAGE NET ASSETS)
  Investment management and administration fees..........................................................         0.97%
  12b-1 distribution and service fees....................................................................          None
  Other expenses.........................................................................................         0.32%
                                                                                                                -------
Total Fund Operating Expenses............................................................................         1.29%
                                                                                                                -------
                                                                                                                -------
</TABLE>
 
HYPOTHETICAL EXAMPLE OF EFFECT OF EXPENSES (3):
 
An investor would have directly or indirectly paid the following expenses at the
end of the periods shown on a $1,000 investment in the Fund, assuming a 5%
annual return:
 
<TABLE>
<CAPTION>
                                                                                           ONE    THREE   FIVE     TEN
                                                                                           YEAR   YEARS   YEARS   YEARS
                                                                                           ----   -----   -----   -----
<S>                                                                                        <C>    <C>     <C>     <C>
Advisor Class Shares.....................................................................  $13     $41    $ 71    $156
</TABLE>
 
- --------------
(1) THESE TABLES ARE INTENDED TO ASSIST INVESTORS IN UNDERSTANDING THE VARIOUS
    COSTS AND EXPENSES ASSOCIATED WITH INVESTING IN THE FUND.
 
(2) Expenses are based on the Fund's fiscal year ended October 31, 1997. "Other
    expenses" include custody, transfer agent, legal, audit and other operating
    expenses. See "Management" herein and the Statement of Additional
    Information for more information. Investors purchasing Advisor Class shares
    through financial planners, trust companies, bank trust departments or
    registered investment advisers, or under a "wrap fee" program, will be
    subject to additional fees charged by such entities or by the sponsors of
    such programs. Where any account advised by one of the companies composing
    or affiliated with AMVESCAP PLC invests in Advisor Class shares of the Fund,
    such account shall not be subject to duplicative advisory fees.
 
(3) THE "HYPOTHETICAL EXAMPLE" IS NOT A REPRESENTATION OF PAST OR FUTURE
    EXPENSES. THE FUND'S ACTUAL EXPENSES, AND AN INVESTOR'S DIRECT AND INDIRECT
    EXPENSES, MAY BE MORE OR LESS THAN THOSE SHOWN. The tables and the
    assumption in the Hypothetical Example of a 5% annual return are required by
    regulation of the SEC applicable to all mutual funds. The 5% annual return
    is not a prediction of and does not represent the Fund's projected or actual
    performance.
 
                               Prospectus Page 5
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
 
                              FINANCIAL HIGHLIGHTS
 
- --------------------------------------------------------------------------------
 
The tables below provide condensed financial information concerning income and
capital changes for one Class A and Advisor Class share of the Fund. This
information is supplemented by the financial statements and accompanying notes
appearing in the Statement of Additional Information. The financial statements
and notes for the fiscal year ended October 31, 1997 have been audited by
Coopers & Lybrand L.L.P., independent accountants, whose report thereon also is
included in the Statement of Additional Information.
 
                        AIM GLOBAL GROWTH & INCOME FUND
                   (FORMERLY GT GLOBAL GROWTH & INCOME FUND)
 
<TABLE>
<CAPTION>
                                                              CLASS A+
                                --------------------------------------------------------------------
                                                        YEAR ENDED OCT. 31,
                                --------------------------------------------------------------------
                                 1997(A)      1996        1995        1994       1993(A)      1992
                                ---------   ---------   ---------   ---------   ---------   --------
<S>                             <C>         <C>         <C>         <C>         <C>         <C>
Per Share Operating
 Performance:
Net asset value, beginning of
 period.......................  $    7.11   $    6.35   $    6.21   $    6.29   $    5.28   $   5.25
                                ---------   ---------   ---------   ---------   ---------   --------
Income from investment
 operations:
  Net investment income.......       0.21        0.22        0.24        0.22        0.24*      0.21*
  Net realized and unrealized
   gain (loss) on
   investments................       1.12        0.82        0.13      (0.03)        1.05       0.10
                                ---------   ---------   ---------   ---------   ---------   --------
    Net increase (decrease)
     from investment
     operations...............       1.33        1.04        0.37        0.19        1.29       0.31
                                ---------   ---------   ---------   ---------   ---------   --------
Distributions:
  From net investment
   income.....................     (0.21)      (0.24)      (0.22)      (0.21)      (0.24)     (0.14)
  From net realized gain on
   investments................     (0.02)      (0.04)      (0.01)      (0.06)          --     (0.14)
  From sources other than net
   investment income..........         --          --          --          --      (0.04)         --
                                ---------   ---------   ---------   ---------   ---------   --------
    Total distributions.......     (0.23)      (0.28)      (0.23)      (0.27)      (0.28)     (0.28)
                                ---------   ---------   ---------   ---------   ---------   --------
Net asset value, end of
 period.......................  $    8.21   $    7.11   $    6.35   $    6.21   $    6.29   $   5.28
                                ---------   ---------   ---------   ---------   ---------   --------
                                ---------   ---------   ---------   ---------   ---------   --------
Total investment return (e)...     19.01%      16.80%       6.27%       3.14%       25.1%       5.9%
                                ---------   ---------   ---------   ---------   ---------   --------
                                ---------   ---------   ---------   ---------   ---------   --------
Ratios and supplemental data:
Net assets, end of period (in
 000's).......................  $ 292,528   $ 286,203   $ 284,069   $ 317,847   $ 251,428   $ 27,754
Ratio of net investment income
 to average net assets........      2.74%       3.17%       3.85%       3.30%        3.3%*      4.1%*
Ratio of expenses to average
 net assets:
  With expense reductions.....      1.50%       1.59%       1.70%       1.67%        1.8%*      1.9%*
  Without expense
   reductions.................      1.64%       1.66%       1.74%         N/A         N/A        N/A
Portfolio turnover rate +++...        50%         39%         83%        117%         24%        53%
Average commission rate per
 share paid on portfolio
 transactions +++.............  $  0.0151   $  0.0139         N/A         N/A         N/A        N/A
<FN>
- ------------------
+    All capital shares issued and outstanding as of October 21, 1992 were
     reclassified as Class A shares.
+++  Portfolio turnover and average commission rates are calculated on the basis
     of the Fund as a whole without distinguishing between the classes of shares
     issued.
*    Includes reimbursement by the Sub-adviser of Fund operating expenses of
     $0.005, $0.02, $0.03 and $0.01 for the years ended October 31, 1993, 1992,
     1991 and for the period from September 25, 1990 to October 31, 1990,
     respectively. Without such reimbursements, the expense ratios would have
     been 1.93%, 2.20%, 2.46% and 2.40% and the net investment income to average
     net assets would have been 3.20%, 3.70%, 4.40% and 1.04% for the years
     ended October 31, 1993, 1992, 1991 and for the period from September 25,
     1990 to October 31, 1990, respectively.
**   Commencing June 1, 1995, the Fund began offering Advisor Class shares.
(a)  These selected per share data were calculated based upon average shares
     outstanding during the year.
(b)  Not annualized.
(c)  Annualized.
(e)  Total investment return does not include sales charges.
N/A  Not Applicable.
</TABLE>
 
                               Prospectus Page 6
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
 
<TABLE>
<CAPTION>
                                        CLASS A+                     ADVISOR CLASS**
                                ------------------------   ------------------------------------
                                             SEPT. 25,
                                               1990
                                           (COMMENCEMENT                              JUNE 1,
                                  YEAR          OF               YEAR ENDED            1995
                                 ENDED      OPERATIONS)           OCT. 31,              TO
                                OCT. 31,        TO         ----------------------    OCT. 31,
                                  1991     OCT. 31, 1990   1997(A)       1996          1995
                                --------   -------------   --------   -----------   -----------
<S>                             <C>        <C>             <C>        <C>           <C>
Per Share Operating
 Performance:
Net asset value, beginning of
 period.......................  $  4.77       $ 4.76       $   7.10     $    6.35     $    6.24
                                --------   -------------   --------   -----------   -----------
Income from investment
 operations:
  Net investment income.......     0.27*        0.01*          0.23          0.23          0.11
  Net realized and unrealized
   gain (loss) on
   investments................     0.47           --           1.13          0.82          0.13
                                --------   -------------   --------   -----------   -----------
    Net increase (decrease)
     from investment
     operations...............     0.74         0.01           1.36          1.05          0.24
                                --------   -------------   --------   -----------   -----------
Distributions:
  From net investment
   income.....................   (0.26)           --         (0.24)        (0.26)        (0.13)
  From net realized gain on
   investments................       --           --         (0.02)        (0.04)            --
  From sources other than net
   investment income..........       --           --             --            --            --
                                --------   -------------   --------   -----------   -----------
    Total distributions.......   (0.26)           --         (0.26)        (0.30)        (0.13)
                                --------   -------------   --------   -----------   -----------
Net asset value, end of
 period.......................  $  5.25       $ 4.77       $   8.20     $    7.10     $    6.35
                                --------   -------------   --------   -----------   -----------
                                --------   -------------   --------   -----------   -----------
Total investment return (e)...   15.68%         0.2%(b)      19.23%        17.19%         3.83%(b)
                                --------   -------------   --------   -----------   -----------
                                --------   -------------   --------   -----------   -----------
Ratios and supplemental data:
Net assets, end of period (in
 000's).......................  $71,376       $9,486       $  3,057     $   3,085           944
Ratio of net investment income
 to average net assets........     5.0%*        2.9%*(c)      3.09%         3.52%         4.20%(c)
Ratio of expenses to average
 net assets:
  With expense reductions.....     1.9%*        0.6%*(c)      1.15%         1.24%         1.35%(c)
  Without expense reductions
   and reimbursements.........      N/A          N/A          1.29%         1.31%         1.39%(c)
Portfolio turnover rate +++...      46%         None            50%           39%           83%
Average commission rate per
 share paid on portfolio
 transactions +++.............      N/A          N/A       $ 0.0151     $  0.0139           N/A
<FN>
- ------------------
+++  Portfolio turnover and average commission rates are calculated on the basis
     of the Fund as a whole without distinguishing between the classes of shares
     issued.
*    Includes reimbursement by the Sub-adviser of Fund operating expenses of
     $0.005, $0.02, $0.03 and $0.01 for the years ended October 31, 1993, 1992,
     1991 and for the period from September 25, 1990 to October 31, 1990,
     respectively. Without such reimbursements, the expense ratios would have
     been 1.93%, 2.20%, 2.46% and 2.40% and the net investment income to average
     net assets would have been 3.20%, 3.70%, 4.40% and 1.04% for the years
     ended October 31, 1993, 1992, 1991 and for the period from September 25,
     1990 to October 31, 1990, respectively.
**   Commencing June 1, 1995, the Fund began offering Advisor Class shares.
(a)  These selected per share data were calculated based upon average shares
     outstanding during the year.
(b)  Not annualized.
(c)  Annualized.
(e)  Total investment return does not include sales charges.
N/A  Not Applicable.
</TABLE>
 
                            ------------------------
 
<TABLE>
<CAPTION>
                                                                                 AVERAGE MONTHLY
                                                                                    NUMBER OF
                                                              AVERAGE MONTHLY      REGISTRANT'S
                                                              AMOUNT OF DEBT          SHARES         AVERAGE AMOUNT
                                           AMOUNT OF DEBT       OUTSTANDING        OUTSTANDING         OF DEBT PER
                                           OUTSTANDING AT       DURING THE          DURING THE        SHARE DURING
YEAR ENDED                                  END OF PERIOD         PERIOD              PERIOD           THE PERIOD
- ----------------------------------------  -----------------  -----------------  ------------------  -----------------
<S>                                       <C>                <C>                <C>                 <C>
October 31, 1997........................         --              $  77,178           92,456,411         $  0.0008
</TABLE>
 
                               Prospectus Page 7
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
 
                              INVESTMENT OBJECTIVE
                                  AND POLICIES
 
- --------------------------------------------------------------------------------
 
The Fund's investment objective is long-term capital appreciation together with
current income. The Fund seeks its objective by investing in a global portfolio
of both equity and debt securities, allocated among diverse international
markets. There is no assurance that the Fund's investment objective will be
achieved.
 
At least 65% of the Fund's total assets normally will be invested in a
combination of blue-chip equity securities and high quality government bonds.
The Fund considers an equity security to be "blue chip" if: (i) during the
issuer's most recent fiscal year the security offered an above average dividend
yield relative to the latest reported dividend yield on the Morgan Stanley
Capital International World Index; AND (ii) the total equity market
capitalization of the issuer is at least $1 billion. Government bonds are deemed
to be high quality if at the time of the Fund's investment they are rated within
one of the two highest ratings categories of Moody's Investors Service, Inc.
("Moody's") or by Standard & Poor's, a division of The McGraw-Hill Companies,
Inc. ("S&P"), or, if not rated, are deemed to be of equivalent quality in the
judgment of the Sub-adviser.
 
Up to 35% of the Fund's total assets may be invested in other equity securities
and investment grade government and corporate debt obligations which the
Sub-adviser believes will assist the Fund in achieving its objective.
"Investment grade" debt securities are those rated within one of the four
highest ratings categories of Moody's or S&P, or, if not rated, deemed to be of
equivalent quality in the judgment of the Sub-adviser.
 
Equity securities that the Fund may purchase include common stocks, preferred
stocks and warrants to acquire such stocks and other equity securities.
Government bonds that the Fund may purchase include debt obligations issued or
guaranteed by the United States or foreign governments (including foreign
states, provinces or municipalities) or their agencies, authorities or
instrumentalities and debt obligations of supranational entities organized or
supported by several national governments, such as the World Bank and the Asian
Development Bank. The debt obligations held by the Fund may include debt
obligations convertible into equity securities or having attached warrants or
rights to purchase equity securities. The Fund may purchase securities that are
issued by the government or a corporation or financial institution of one nation
but denominated in the currency of another nation (or a multinational currency
unit).
 
According to the Sub-adviser, as of the date of this Prospectus, more than 50%
of the total equity market capitalization worldwide is represented by non-U.S.
equity securities, and more than 50% of the value of all outstanding government
debt obligations throughout the world is represented by obligations denominated
in currencies other than the U.S. dollar. Moreover, from time to time the equity
and debt securities of issuers located outside the United States have
substantially outperformed the equity and debt securities of U.S. issuers.
Accordingly, the Sub-adviser believes that the Fund's policy of investing in a
global portfolio of equity and debt securities may enable the achievement of
long-term results superior to those produced by mutual funds with similar
objectives to that of the Fund that invest solely in U.S. equity and debt
securities.
 
SELECTION OF INVESTMENTS AND ASSET ALLOCATION. Consistent with the Fund's
investment objective, the Sub-adviser employs a conservative investment style in
managing the Fund's assets. In so doing the Sub-adviser attempts to limit
volatility and risk to capital. The Sub-adviser allocates the Fund's assets
among securities of countries and in currency denominations where opportunities
for meeting the Fund's investment objective are expected to be the most
attractive. The Sub-adviser attempts to identify those countries and industries
where economic and political factors are likely to produce above-average growth
rates and to further identify companies in such countries and industries that
are best positioned and managed to benefit from these factors.
 
The Fund currently contemplates that it will invest principally in securities of
issuers in the United States, Canada, Japan, Western Europe, New Zealand and
Australia. The Fund may invest substantially in securities denominated in one or
more currencies. Under normal conditions, the Fund invests in issuers of not
less than three different countries and issuers of any one country,
 
                               Prospectus Page 8
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
other than the United States, will represent no more than 40% of the Fund's
total assets.
 
The relative proportions of equity and debt securities held by the Fund at any
one time will vary, depending upon the Sub-adviser's assessment of global
political and economic conditions and the relative strengths and weaknesses of
the world equity and debt markets. To enable the Fund to respond to general
economic changes and market conditions around the world, the Fund is authorized
to invest up to 100% of its total assets in either equity securities or debt
securities.
 
In selecting equity securities for investment, the Sub-adviser attempts to
identify and acquire only securities it deems to represent high or improving
investment quality. Securities representing high investment quality generally
will include those of well-known, established and successful issuers that the
Sub-adviser believes will continue to be successful in the future. Securities
representing improving investment quality may include those of an issuer that
has improved its sales or earnings or of an issuer the balance sheet and
financial condition of which is improving. The Sub-adviser seeks to avoid
investing in equity securities that appear overly speculative or risky, even if
they have attractive features or investment potential.
 
In evaluating debt securities considered for the Fund, the Sub-adviser analyzes
their yield, maturity, issue classification and quality characteristics, coupled
with expectations regarding local and world economies, movements in the general
level and term of interest rates, currency values, political developments, and
variations in the supply of funds available for investment in the world bond
market relative to the demands placed upon it. There are no limitations on the
maximum or minimum maturities of the debt securities considered by the Fund or
on the average weighted maturity of the debt portion of the Fund's portfolio.
Should the rating of a debt security be revised while such security is owned by
the Fund, the Sub-adviser will evaluate what action, if any, is appropriate with
respect to such security.
 
The Sub-adviser generally evaluates currencies on the basis of fundamental
economic criteria (e.g., relative inflation and interest rate levels and trends,
growth rate forecasts, balance of payments status and economic policies) as well
as technical and political data. The Fund may seek to protect itself against
negative currency movements by engaging in hedging techniques through the use of
options, futures and forward currency contracts.
 
TEMPORARY DEFENSIVE STRATEGIES. In the interest of preserving shareholders'
capital, the Sub-adviser may employ a temporary defensive investment strategy if
it determines such a strategy to be warranted due to market, economic or
political conditions. Under a defensive strategy, the Fund may hold cash (U.S.
dollars, foreign currencies or multinational currency units) and/or invest any
portion or all of its assets in high quality money market instruments of U.S. or
foreign issuers. In addition, for temporary defensive purposes, most or all of
the Fund's investments may be made in the United States and denominated in U.S.
dollars. To the extent the Fund adopts a temporary defensive posture, it will
not be invested so as to directly achieve its investment objective. In addition,
pending investment of proceeds from new sales of Fund shares or in order to meet
ordinary daily cash needs, the Fund may hold cash (U.S. dollars, foreign
currencies or multinational currency units) and may invest in foreign or
domestic high quality money market instruments. For a full description of money
market instruments, see "Money Market Instruments" in the Investment Objectives
and Policies section of the Statement of Additional Information.
 
BORROWING, REVERSE REPURCHASE AGREEMENTS AND ROLL TRANSACTIONS. The Fund may
borrow from banks or may borrow through reverse repurchase agreements and "roll"
transactions in connection with meeting requests for the redemption of Fund
shares. The Fund also may borrow up to 5% of its total assets for temporary or
emergency purposes other than to meet redemptions. The Fund may borrow up to
33 1/3% of its total assets. However, the Fund will not purchase securities
while borrowings in excess of 5% of the Fund's total assets are outstanding. Any
borrowing by the Fund may cause greater fluctuation in the value of its shares
than would be the case if the Fund did not borrow.
 
A reverse repurchase agreement is a borrowing transaction in which the Fund
transfers possession of a security to another party, such as a bank or
broker/dealer, in return for cash, and agrees to repurchase the security in the
future at an agreed upon price which includes an interest component. A "roll"
borrowing transaction involves the Fund's sale of securities together with its
commitment (for which the Fund may receive a fee) to purchase similar, but not
identical, securities at a future date.
 
SECURITIES LENDING. The Fund may lend its portfolio securities to broker/dealers
or to other institutional investors. Securities lending allows the Fund to
retain ownership of the securities loaned
 
                               Prospectus Page 9
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
and, at the same time, enhances the Fund's total return. The Fund limits its
loans of portfolio securities to an aggregate of 30% of the value of its total
assets, measured at the time any such loan is made. While a loan is outstanding
the borrower must maintain with the Fund's custodian collateral consisting of
cash, U.S. government securities or certain irrevocable letters of credit equal
to at least 100% of the value of the borrowed securities, plus any accrued
interest or such other collateral as permitted by the Fund's investment program
and regulatory agencies, and as approved by the Board. The risks in lending
portfolio securities, as with other extensions of secured credit, consist of
possible delays in receiving additional collateral or in recovery of the
securities and possible loss of rights in the collateral should the borrower
fail financially.
 
FOREIGN INVESTING. Investing in foreign securities entails certain risks. The
securities of non-U.S. issuers generally will not be registered with, nor the
issuers thereof be subject to the reporting requirements of the SEC.
Accordingly, there may be less publicly available information about foreign
securities and issuers than is available about domestic securities and issuers.
Foreign companies generally are not subject to uniform accounting, auditing and
financial reporting standards, practices and requirements comparable to those
applicable to domestic companies. In addition, certain costs attributable to
foreign investing, such as custody charges, are higher than those attributable
to domestic investing. Securities of some foreign companies are less liquid and
their prices may be more volatile than securities of comparable domestic
companies. The Fund's net investment income from foreign issuers may be subject
to non-U.S. withholding taxes, thereby reducing the Fund's net investment
income.
 
With respect to some foreign countries, there is the increased possibility of
expropriation or confiscatory taxation, limitations on the removal of funds or
other assets of the Fund, political or social instability, or diplomatic or
economic developments which could affect the Fund's investments in those
countries. Moreover, individual foreign economies may differ favorably or
unfavorably from the U.S. economy in such respects as growth of gross national
product, rate of inflation, rate of savings and capital reinvestment, resource
self-sufficiency and balance of payments positions. Investments in foreign
government securities involve special risks, including the risk that the
government issuers may be unable or unwilling to repay principal and interest
when due.
 
The Fund will also be affected favorably or unfavorably by exchange control
regulations or changes in the exchange rates between such currencies and the
U.S. dollar. Changes in currency exchange rates will influence the value of the
Fund's shares, and also may affect the value of dividends and interest earned by
the Fund and gains and losses realized by the Fund.
 
OPTIONS, FUTURES AND FORWARD CURRENCY TRANSACTIONS. To attempt to increase
return, the Fund may write call options on securities. This strategy will be
employed only when, in the opinion of the Sub-adviser, the size of the premium
the Fund receives for writing the option is adequate to compensate the Fund
against the risk that appreciation in the underlying security may not be fully
realized if the option is exercised. The Fund also is authorized to write put
options to attempt to enhance return, although it does not have the current
intention of so doing.
 
The Fund may also use forward currency contracts, futures contracts, options on
securities, options on currencies, options on indices and options on futures
contracts to attempt to hedge against the overall level of investment and
currency risk normally associated with the Fund's investments. These instruments
are often referred to as "derivatives," which may be defined as financial
instruments whose performance is derived, at least in part, from the performance
of another asset (such as a security, currency or an index of securities). The
Fund may enter into such instruments up to the full value of its portfolio
assets. See "Options, Futures and Currency Strategies" in the Statement of
Additional Information.
 
To attempt to hedge against adverse movements in exchange rates between
currencies, the Fund may enter into forward currency contracts for the purchase
or sale of a specified currency at a specified future date. Such contracts may
involve the purchase or sale of a foreign currency against the U.S. dollar, or
may involve two foreign currencies. The Fund may enter into forward currency
contracts either with respect to specific transactions or with respect to the
Fund's portfolio positions. The Fund also may purchase and sell put and call
options on currencies, futures contracts on currencies and options on such
futures contracts to hedge the Fund's portfolio against movements in exchange
rates.
 
In addition, the Fund may purchase and sell put and call options on equity and
debt securities to hedge against the risk of fluctuations in the prices of
securities held by the Fund or that the Sub-adviser intends to include in the
Fund's portfolio. The Fund
 
                               Prospectus Page 10
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
also may purchase and sell put and call options on stock indices to hedge
against overall fluctuations in the securities markets or in a specific market
sector.
 
Further, the Fund may sell index futures contracts and may purchase put options
or write call options on such futures contracts to protect against a general
market or a specific market sector decline that could adversely affect the
Fund's portfolio. The Fund also may purchase index futures contracts and
purchase call options or write put options on such contracts to hedge against a
general market or market sector advance and thereby attempt to lessen the cost
of future securities acquisitions. Similarly, the Fund may use interest rate
futures contracts and options thereon to hedge the debt portion of its portfolio
against changes in the general level of interest rates.
 
Although the Fund is authorized to enter into options, futures and forward
currency transactions, the Fund might not enter into any such transactions.
Options, futures and foreign currency transactions involve certain risks, which
include: (1) dependence on the Sub-adviser's ability to predict movements in the
prices of individual securities, fluctuations in the general securities markets
and movements in interest rates and currency markets; (2) imperfect correlation,
or even no correlation, between movements in the price of forward contracts,
options, futures contracts or options thereon and movements in the price of the
currency or security hedged or used for cover; (3) the fact that the skills and
techniques needed to trade options, futures contracts and options thereon or to
use forward currency contracts are different from those needed to select the
securities in which the Fund invests; (4) the lack of assurance that a liquid
secondary market will exist for any particular option, futures contract or
option thereon at any particular time; (5) the possible loss of principal under
certain conditions; and (6) the possible inability of the Fund to purchase or
sell a portfolio security at a time when it would otherwise be favorable for it
to do so, or the possible need for the Fund to sell a security at a
disadvantageous time, due to the need for the Fund to maintain "cover" or to set
aside securities in connection with hedging transactions.
 
OTHER POLICIES AND RISKS. The Fund's net asset value will fluctuate, reflecting
fluctuations in the market value of its portfolio positions. Equity securities,
particularly common stocks, generally represent the most junior position in an
issuer's capital structure, and entitle holders to an interest in the assets of
an issuer, if any, remaining after all more senior claims have been satisfied.
The value of equity securities held by the Fund will fluctuate in response to
general market and economic developments, as well as developments affecting the
particular issuers of such securities. In addition, the value of debt securities
held by the Fund generally will fluctuate with changes in the perceived
creditworthiness of the issuers of such securities and movements in interest
rates. Investment grade debt securities rated Baa by Moody's are described by
Moody's as having speculative characteristics, and therefore may be affected by
economic conditions and changes in the circumstances of their issuers to a
greater extent than higher rated bonds.
 
The Fund may invest up to 15% of its net assets in illiquid securities and other
securities for which no readily available market exists. The Fund may also
invest up to 5% of its total assets in a combination of securities purchased on
a when-issued basis or with respect to which it has entered into forward
commitment agreements.
 
The Fund is classified under the Investment Company Act of 1940 ("1940 Act"), as
a "non-diversified" fund. As a result, the Fund will be able to invest in a
fewer number of issuers than if it were classified under the 1940 Act as a
"diversified" fund. To the extent that the Fund invests in a smaller number of
issuers, the value of the Fund's shares may fluctuate more widely and the Fund
may be subject to greater investment and credit risk with respect to its
portfolio.
 
OTHER INFORMATION. The Fund's investment objective may not be changed without
the approval of a majority of the Fund's outstanding voting securities. A
"majority of the Fund's outstanding voting securities" means the lesser of (i)
67% of the shares represented at a meeting at which more than 50% of the
outstanding shares are represented, or (ii) more than 50% of the outstanding
shares. In addition, the Fund has adopted certain investment limitations which
also may not be changed without shareholder approval. A complete description of
these limitations is included in the Statement of Additional Information. Unless
specifically noted, the Fund's investment policies described in this Prospectus
and in the Statement of Additional Information may be changed by the Company's
Board of Trustees without shareholder approval. The Fund's policies regarding
lending, and the percentage of Fund assets that may be committed to borrowing,
are fundamental policies and may not be changed without shareholder approval.
 
If a percentage restriction on investment or utilization of assets in an
investment policy or restriction
 
                               Prospectus Page 11
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
is adhered to at the time an investment is made, a later change in percentage
ownership of a security or kind of securities resulting from changing market
values or a similar type of event will not be considered a violation of the
Fund's investment policies or restrictions.
 
The Fund is authorized to engage in Short Sales, although it currently has no
intention of doing so, and may purchase American Depository Receipts, American
Depository Shares, Global Depository Receipts and European Depository Receipts.
See "Short Sales" and "Depository Receipts," respectively, in the Investment
Objectives and Policies section of the Statement of Additional Information.
 
- --------------------------------------------------------------------------------
 
                                 HOW TO INVEST
 
- --------------------------------------------------------------------------------
 
GENERAL. Advisor Class shares are offered through this Prospectus to (a)
trustees or other fiduciaries purchasing shares for employee benefit plans which
are sponsored by organizations which have at least 1,000 employees; (b) any
account with assets of at least $10,000 if (i) a financial planner, trust
company, bank trust department or registered investment adviser has investment
discretion over such account, and (ii) the account holder pays such person as
compensation for its advice and other services an annual fee of at least .50% on
the assets in the account ("Advisory Account"); (c) any account with assets of
at least $10,000 if (i) such account is established under a "wrap fee" program,
and (ii) the account holder pays the sponsor of such program an annual fee of at
least .50% on the assets in the account ("Wrap Fee Account"); (d) accounts
advised by INVESCO (NY), Inc. or one of the companies formerly affiliated with
Liechtenstein Global Trust AG, provided such accounts were invested in Advisor
Class shares of any of the AIM/GT Funds on June 1, 1998; and (e) any of the
companies composing or affiliated with AMVESCAP PLC. Financial planners, trust
companies, bank trust companies and registered investment advisers referenced in
subpart (b) and sponsors of "wrap fee" programs referenced in subpart (c) are
collectively referred to as "Financial Advisers." Investors in Wrap Fee Accounts
and Advisory Accounts may only purchase Advisor Class shares through Financial
Advisers who have entered into agreements with AIM Distributors or certain of
its affiliates. Investors may be charged a fee by their agents or brokers if
they effect transactions other than through a dealer.
All purchase orders will be executed at the public offering price next
determined after the purchase order is received. Orders received by authorized
institutions (or their designees) before the close of regular trading on the New
York Stock Exchange ("NYSE") (currently 4:00 p.m. Eastern Time, unless weather,
equipment failure or other factors contribute to an earlier closing time) on any
Business Day will be executed at the public offering price for the applicable
class of shares determined that day. Orders received by authorized institutions
(or their designees) before the close of regular trading on the NYSE on a
Business Day will be deemed to have been received by a Fund on such day and will
be effected that day, provided that such orders are transmitted to the Transfer
Agent prior to the time set for the receipt of such orders. A "Business Day" is
any day Monday through Friday on which the NYSE is open for business. The
authorized institution (or its designee) will be responsible for forwarding the
investor's order to the Transfer Agent so that it will be received prior to the
required time.
 
THE FUND AND AIM DISTRIBUTORS RESERVE THE RIGHT TO REJECT ANY PURCHASE ORDER AND
TO SUSPEND THE OFFERING OF SHARES FOR A PERIOD OF TIME. In particular, the Fund
and AIM Distributors may reject purchase orders or exchanges by investors who
appear to follow, in the Sub-adviser's judgment, a market-timing strategy or
otherwise engage in excessive trading. See "How to Make Exchanges -- Limitations
on Purchase Orders and Exchanges."
 
Fiduciaries and Financial Advisers may be required to provide information
satisfactory to AIM Distributors concerning their eligibility to purchase
Advisor Class shares. For specific information on opening an account, please
contact your Financial Adviser or AIM Distributors.
 
FOR ANY FUND NAMED ON THE COVER PAGE OF THIS PROSPECTUS, AIM DISTRIBUTORS AND
ITS AGENTS RESERVE THE RIGHT AT ANY TIME (1) TO WITHDRAW ALL OR ANY PART OF THE
OFFERING MADE BY THIS PROSPECTUS; (2) TO REJECT ANY PURCHASE
 
                               Prospectus Page 12
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
OR EXCHANGE ORDER OR TO CANCEL ANY PURCHASE DUE TO NONPAYMENT OF THE PURCHASE
PRICE; (3) TO INCREASE, WAIVE OR LOWER THE MINIMUM INVESTMENT REQUIREMENTS; OR
(4) TO MODIFY ANY OF THE TERMS OR CONDITIONS OF PURCHASE OF SHARES OF SUCH FUND.
For any Fund named on the cover page, AIM Distributors and its agents will use
their best efforts to provide notice of any such actions through correspondence
with broker-dealers and existing shareholders, supplements to the AIM/GT Funds'
prospectuses, or other appropriate means, and will provide sixty (60) days'
notice in the case of termination or material modification to the exchange
privilege discussed under the caption "How to Make Exchanges."
 
PURCHASES BY BANK WIRE. Shares of the Fund may also be purchased by bank wire.
Bank wire purchases will be effected at the next determined public offering
price after the bank wire is received. A wire investment is considered received
when the Transfer Agent is notified that the bank wire has been credited to the
Fund. Prior telephonic or facsimile notice must be provided to the Transfer
Agent that a bank wire is being sent. A bank may charge a service fee for wiring
money to the Fund. The Transfer Agent currently does not charge a service fee
for facilitating wire purchases, but reserves the right to do so in the future.
For more information, please refer to the Shareholder Account Manual in this
Prospectus.
 
CERTIFICATES. Physical certificates representing the Fund's shares will not be
issued unless a written request is submitted to the Transfer Agent. Shares of
the Fund are recorded on a register by the Transfer Agent, and shareholders who
do not elect to receive certificates have the same rights of ownership as if
certificates had been issued to them. Redemptions and exchanges by shareholders
who hold certificates may take longer to effect than similar transactions
involving non-certificated shares because the physical delivery and processing
of properly executed certificates is required. ACCORDINGLY, THE FUND RECOMMENDS
THAT SHAREHOLDERS DO NOT REQUEST ISSUANCE OF CERTIFICATES.
 
PORTFOLIO REBALANCING PROGRAM. The Portfolio Rebalancing Program ("Program")
permits eligible shareholders to establish and maintain an allocation across a
range of AIM/GT Funds. The Program automatically rebalances holdings of AIM/ GT
Funds to the established allocation on a periodic basis. Under the Program, a
shareholder may predesignate, on a percentage basis, how the total value of his
or her holdings in a minimum of two, and a maximum of ten, AIM/GT Funds
("Personal Portfolio") is to be rebalanced on a monthly, quarterly, semiannual,
or annual basis.
 
Rebalancing under the Program will be effected through the exchange of shares of
one or more AIM/ GT Funds in the shareholders' Personal Portfolio for shares of
the same class of one or more other AIM/GT Funds in the shareholder's Personal
Portfolio. See "How to Make Exchanges." If shares of the AIM/GT Fund(s) in a
shareholder's Personal Portfolio have appreciated during a rebalancing period,
the Program will result in shares of AIM/GT Fund(s) that have appreciated most
during the period being exchanged for shares of AIM/GT Fund(s) that have
appreciated least. SUCH EXCHANGES ARE NOT TAX-FREE AND MAY RESULT IN A
SHAREHOLDER'S REALIZING A GAIN OR LOSS, AS THE CASE MAY BE, FOR FEDERAL INCOME
TAX PURPOSES. See "Dividends, Other Distributions and Federal Income Taxation."
Participation in the Program does not assure that a shareholder will profit from
purchases under the Program, nor does it prevent or lessen losses in a declining
market.
 
The Program will automatically rebalance the shareholder's Personal Portfolio on
the 28th day of the last month of the period chosen (or the immediately
preceding business day if the 28th is not a business day), subject to any
limitations below. The Program will not execute an exchange if the variance in a
shareholder's Personal Portfolio for a particular Fund would be 2% or less. In
predesignating percentages, shareholders must use whole percentages and totals
must equal 100%. Shareholders participating in the Program may not request
issuance of physical certificates representing a Fund's shares. Exchanges made
under the Program are not subject to the four free exchanges per year
limitation. The Fund and AIM Distributors reserve the right to modify, suspend,
or terminate the Program at any time on 60 days' prior written notice to
shareholders. A request to participate in the Program must be received in good
order at least five business days prior to the next rebalancing date. Once a
shareholder establishes the Program for his or her Personal Portfolio, a
shareholder cannot cancel or change which rebalancing frequency, which Funds or
what allocation percentages are assigned to the Program, unless canceled or
changed in writing and received by the Transfer Agent in good order at least
five business days prior to the rebalancing date. Certain Financial Institutions
may charge a fee for establishing accounts relating to the Program. Investors
should contact their Financial Institution or AIM Distributors for more
information.
 
                               Prospectus Page 13
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
 
                             HOW TO MAKE EXCHANGES
 
- --------------------------------------------------------------------------------
 
Advisor Class shares of the Fund may be exchanged for Advisor Class shares of of
any other AIM/GT Fund, based on their respective net asset values without
imposition of any sales charges, provided that the registration remains
identical. Exchange requests received in good order by the Transfer Agent before
the close of regular trading on the NYSE on any Business Day will be processed
at the net asset value calculated on that day.
 
EXCHANGES ARE NOT TAX-FREE AND MAY RESULT IN A SHAREHOLDER REALIZING A GAIN OR
LOSS, AS THE CASE MAY BE, FOR FEDERAL INCOME TAX PURPOSES. See "Dividends, Other
Distributions and Federal Income Taxation." In addition to the Fund, the AIM/GT
Funds include the following:
 
  - AIM AMERICA VALUE FUND
  - AIM DEVELOPING MARKETS FUND
  - AIM DOLLAR FUND
  - AIM EMERGING MARKETS FUND
  - AIM EUROPE GROWTH FUND
  - AIM GLOBAL CONSUMER PRODUCTS AND SERVICES FUND
  - AIM GLOBAL FINANCIAL SERVICES FUND
  - AIM GLOBAL GOVERNMENT INCOME FUND
  - AIM GLOBAL HEALTH CARE FUND
  - AIM GLOBAL HIGH INCOME FUND
  - AIM GLOBAL INFRASTRUCTURE FUND
  - AIM GLOBAL RESOURCES FUND
  - AIM GLOBAL TELECOMMUNICATIONS FUND
  - AIM INTERNATIONAL GROWTH FUND
  - AIM JAPAN GROWTH FUND
  - AIM LATIN AMERICAN GROWTH FUND
  - AIM MID CAP GROWTH FUND
  - AIM NEW DIMENSION FUND
  - AIM NEW PACIFIC GROWTH FUND
  - AIM SMALL CAP EQUITY FUND
  - AIM STRATEGIC INCOME FUND
  - AIM WORLDWIDE GROWTH FUND
 
Investors in Wrap Fee Accounts and Advisory Accounts interested in making an
exchange should contact their Financial Advisers to request the prospectuses of
the other AIM/GT Fund(s) being considered. Other investors should contact AIM
Distributors. The terms of the exchange offer may be modified at any time, on 60
days' prior written notice.
 
EXCHANGES BY TELEPHONE. A shareholder may give exchange information to his or
her Financial Adviser. Exchange orders will be accepted by telephone provided
that the exchange involves only uncertificated shares on deposit in the
shareholder's account or for which certificates previously have been deposited.
Shareholders automatically have telephone privileges to authorize exchanges. The
Fund, AIM Distributors and the Transfer Agent will not be liable for any loss or
damage for acting in good faith upon instructions received by telephone and
reasonably believed to be genuine. The Fund employs reasonable procedures to
confirm that instructions communicated by telephone are genuine prior to acting
upon instructions received by telephone, including requiring some form of
personal identification, providing written confirmation of such transactions,
and/or tape recording of telephone instructions.
 
LIMITATIONS ON PURCHASE ORDERS AND EXCHANGES. The AIM/GT Funds are not intended
to serve as vehicles for frequent trading in response to short-term fluctuations
in the market. Due to the disruptive effect that market-timing investment
strategies and excessive trading can have on efficient portfolio management,
each AIM/GT Fund and AIM Distributors reserve the right to refuse purchase
orders and exchanges by any person or group, if, in the Sub-adviser's judgment,
such person or group was following a market-timing strategy or was otherwise
engaging in excessive trading.
 
In addition, each AIM/GT Fund and AIM Distributors reserve the right to refuse
purchase orders and exchanges by any person or group if, in the Sub-adviser's
judgment, the Fund would not be able to invest the money effectively in
accordance with that Fund's investment objective and policies or would otherwise
potentially be adversely affected. Although an AIM/GT Fund will attempt to give
investors prior notice whenever it is reasonably able to do so, it may impose
the above restrictions at any time.
 
Finally, as described above, each AIM/GT Fund and AIM Distibutors reserve the
right to reject any purchase order.
 
                               Prospectus Page 14
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
 
                              HOW TO REDEEM SHARES
 
- --------------------------------------------------------------------------------
 
Fund shares may be redeemed at their net asset value and redemption proceeds
will be sent within seven days of the execution of a redemption request.
Redemption requests may be transmitted to the Transfer Agent by telephone or by
mail, in accordance with the instructions provided in the Shareholder Account
Manual. Redemptions will be effected at the net asset value next determined
after the Transfer Agent has received the request, provided that the request is
transmitted to the Transfer Agent prior to the time set for receipt of such
redemption requests. Redemptions will only be effected if the request is
received in good order and accompanied by any required supporting documentation.
Redemption requests will not require a signature guarantee if the redemption
proceeds are to be sent either: (i) to the redeeming shareholder at the
shareholder's address of record as maintained by the Transfer Agent, provided
the shareholder's address of record has not been changed within the preceding
fifteen days; or (ii) directly to a pre-designated bank, savings and loan or
credit union account ("Pre-Designated Account"). ALL OTHER REDEMPTION REQUESTS
MUST BE ACCOMPANIED BY A SIGNATURE GUARANTEE OF THE REDEEMING SHAREHOLDER'S
SIGNATURE. A signature guarantee can be obtained from any bank, U.S. trust
company, a member firm of a U.S. stock exchange or a foreign branch of any of
the foregoing or other eligible guarantor institution. A notary public is not an
acceptable guarantor.
 
Shareholders with Pre-Designated Accounts should request that redemption
proceeds be sent either by bank wire or by check. The minimum redemption amount
for a bank wire is $500. Shareholders requesting a bank wire should allow two
business days from the time the redemption request is effected for the proceeds
to be deposited in the shareholder's Pre-Designated Account. See "How to Redeem
Shares -- Other Important Redemption Information." Shareholders may change their
Pre-Designated Accounts only by a letter of instruction to the Transfer Agent
containing all account signatures, each of which must be guaranteed. The
Transfer Agent currently does not charge a bank wire service fee for each wire
redemption sent but reserves the right to do so in the future. The shareholder's
bank may charge a bank wire service fee.
REDEMPTIONS BY TELEPHONE. Redemption requests may be made by telephone by
calling the Transfer Agent at the appropriate toll-free number provided in the
Shareholder Account Manual. Shareholders who hold certificates for shares may
not redeem by telephone. REDEMPTION REQUESTS MAY NOT BE MADE BY TELEPHONE FOR
FIFTEEN DAYS FOLLOWING ANY CHANGE OF THE SHAREHOLDER'S ADDRESS OF RECORD.
 
Shareholders automatically have telephone privileges to authorize redemptions.
The Fund, AIM Distributors and the Transfer Agent will not be liable for any
loss or damage for acting in good faith upon instructions received by telephone
and reasonably believed to be genuine. The Fund employs reasonable procedures to
confirm that instructions communicated by telephone are genuine prior to acting
upon instructions received by telephone, including requiring some form of
personal identification, providing written confirmation of such transactions,
and/or tape recording of telephone instructions.
 
REDEMPTIONS BY MAIL. Redemption requests should be mailed directly to the
Transfer Agent at the appropriate address provided in the Shareholder Account
Manual. As discussed above, requests for payment of redemption proceeds to a
party other than the shareholder of record and/or requests that redemption
proceeds be mailed to an address other than the shareholder's address of record
require a signature guarantee. In addition, if the shareholder's address of
record has been changed within the preceding fifteen days, a signature guarantee
is required. Redemptions of shares for which certificates have been issued must
be accompanied by properly endorsed share certificates.
 
OTHER IMPORTANT REDEMPTION INFORMATION. A request for redemption will not be
processed until all of the necessary documentation has been received in good
order. A shareholder who is in doubt as to what documents are required should
contact his Financial Adviser or the Transfer Agent.
 
                               Prospectus Page 15
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
 
Except in extraordinary circumstances and as permitted under the Investment
Company Act of 1940 ("1940 Act"), payment for shares redeemed by telephone or by
mail will be made promptly after receipt of a redemption request, if in good
order, but not later than seven days after the date the request is executed.
Requests for redemption which are subject to any special conditions or which
specify a future or past effective date cannot be accepted.
 
If the Transfer Agent is requested to redeem shares for which the Fund has not
yet received good payment, the Fund may delay payment of redemption proceeds
until the Transfer Agent has assured itself that good payment has been collected
for the purchase of the shares. In the case of purchases by check it can take up
to 10 business days to confirm that the check has cleared and good payment has
been received. Redemption proceeds will not be delayed when shares have been
paid for by wire or when the investor's account holds a sufficient number of
shares for which funds already have been collected.
 
AIM Distributors reserves the right to redeem the shares of any Advisory Account
or Wrap Fee Account if the amount invested in AIM/GT Funds through such account
is reduced to less than $500 through redemptions or other action by the
shareholder. Written notice will be given to the shareholder at least 60 days
prior to the date fixed for such redemption, during which time the shareholder
may increase the amount invested in AIM/ GT Funds through such account to an
aggregate amount of $500 or more.
 
For additional information on how to redeem Fund shares, see the Shareholder
Account Manual in this Prospectus, or contact your Financial Adviser.
 
                               Prospectus Page 16
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
 
                           SHAREHOLDER ACCOUNT MANUAL
 
- --------------------------------------------------------------------------------
 
Purchase, exchange and redemption orders should be placed in accordance with
this Manual. It is recommended that investors in Wrap Fee Accounts and Advisory
Accounts make such orders through their Financial Adviser. PLEASE BE CAREFUL TO
REFERENCE "ADVISOR CLASS" IN ALL INSTRUCTIONS PROVIDED. See "How to Invest,"
"How to Make Exchanges," "How to Redeem Shares" and "Dividends, Other
Distributions and Federal Income Taxation" for more information.
 
The Fund's Transfer Agent is GT GLOBAL INVESTOR SERVICES, INC.
 
INVESTMENTS BY MAIL
 
Send completed Account Application (if initial purchase) or letter stating Fund
name, class of shares, shareholder's registered name and account number (if
subsequent purchase) with a check to:
 
    AIM/GT Funds
    P.O. Box 7345
    San Francisco, CA 94120-7345
 
INVESTMENTS BY BANK WIRE
 
A new account may be opened by calling 1-800-223-2138 to obtain an account
number. WITHIN SEVEN DAYS OF PURCHASE A COMPLETED ACCOUNT APPLICATION CONTAINING
THE INVESTOR'S CERTIFIED TAXPAYER IDENTIFICATION NUMBER MUST BE SENT TO THE
ADDRESS PROVIDED ABOVE UNDER "INVESTMENTS BY MAIL." Wire instructions must state
Fund name, class of shares, shareholder's registered name and account number.
Bank wires should be sent through the Federal Reserve Bank Wire System to:
 
    WELLS FARGO BANK N.A.
    ABA 121000248
    Attn: GT GLOBAL
         Account No. 4023-050701
 
EXCHANGES BY TELEPHONE
 
Call the Transfer Agent at 1-800-223-2138.
 
EXCHANGES BY MAIL
 
Send complete instructions, including name of Fund exchanging from, class of
shares, amount of exchange, name of the AIM/GT Fund exchanging into,
shareholder's registered name and account number, to:
 
    AIM/GT Funds
    P.O. Box 7893
    San Francisco, CA 94120-7893
 
REDEMPTIONS BY TELEPHONE
 
Call the Transfer Agent at 1-800-223-2138.
 
REDEMPTIONS BY MAIL
 
Send complete instructions, including name of Fund, class of shares, amount of
redemption, shareholder's registered name and account number, to:
 
    AIM/GT Funds
    P.O. Box 7893
    San Francisco, CA 94120-7893
 
OVERNIGHT MAIL
 
Overnight mail services do not deliver to post office boxes. To send purchase,
exchange or redemption orders by overnight mail, follow the above instructions
but send to the following address:
 
    GT Global Investor Services, Inc.
    California Plaza
    2121 N. California Boulevard
    Suite 450
    Walnut Creek, CA 94596
 
ADDITIONAL QUESTIONS
 
Shareholders with additional questions regarding purchase, exchange and
redemption procedures should call the Transfer Agent at 1-800-223-2138.
 
                               Prospectus Page 17
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
 
                         CALCULATION OF NET ASSET VALUE
 
- --------------------------------------------------------------------------------
 
The Fund calculates its net asset value as of the close of regular trading on
the NYSE (currently 4:00 p.m. Eastern Time, unless weather, equipment failure or
other factors contribute to an earlier closing time) each Business Day. The
Fund's net asset value per share is computed by determining the value of its
total assets (the securities it holds plus any cash or other assets, including
the interest accrued but not yet received), subtracting all of its liabilities
(including accrued expenses), and dividing the result by the total number of
shares outstanding at such time. Net asset value is determined separately for
each class of the Fund.
 
Equity securities are valued at the last sale price on the exchange or in the
over-the-counter market in which such securities are primarily traded, as of the
close of business on the day the securities are being valued or, lacking any
sales, at the last available bid price. Long-term obligations are valued at the
mean of representative quoted bid and asked prices for such securities or, if
such prices are not available, at prices for securities of comparable maturity,
quality and type; however, when the Sub-adviser deems it appropriate, prices
obtained from a bond pricing service will be used. Short-term debt investments
are amortized to maturity based on their cost, adjusted for foreign exchange
translation and market fluctuations, provided such valuations represent fair
value. When market quotations for futures and options positions held by the Fund
are readily available, those positions are valued based upon such quotations.
 
Securities and other assets for which market quotations are not readily
available are valued at fair value determined in good faith by or under the
direction of the Company's Board of Directors. Securities and other assets
quoted in foreign currencies are valued in U.S. dollars based on the prevailing
exchange rates on that day.
 
The Fund's portfolio securities, from time to time, may be listed primarily on
foreign exchanges or over-the-counter dealer markets that trade on days when the
NYSE is closed (such as a Saturday). As a result, the net asset value of the
Fund may be significantly affected by such trading on days when shareholders
cannot purchase or redeem shares of the Fund.
 
- --------------------------------------------------------------------------------
 
                         DIVIDENDS, OTHER DISTRIBUTIONS
                          AND FEDERAL INCOME TAXATION
 
- --------------------------------------------------------------------------------
 
DIVIDENDS AND OTHER DISTRIBUTIONS. The Fund declares and pays quarterly
dividends from its net investment income, if any, which includes dividends,
accrued interest and earned discount (including both original issue and market
discounts) less applicable expenses. The Fund also annually distributes
substantially all of its realized net short-term capital gain (the excess of
short-term capital gains over short-term capital losses), net capital gain (the
excess of net long-term capital gain over net short-term loss) and net gains
from foreign currency transactions, if any. The Fund may make an additional
dividend or other distribution if necessary to avoid a 4% excise tax on certain
undistributed income and gain.
 
Dividends and other distributions paid by the Fund with respect to all classes
of its shares are calculated in the same manner and at the same time. The per
share income dividends on Advisor Class shares will be higher than the per share
income dividends on other classes of the Fund's shares as a result of the
service and distribution fees applicable to those other shares. SHAREHOLDERS MAY
ELECT:
 
/ / to have all dividends and other distributions automatically reinvested in
    additional Advisor Class shares of the Fund (or other AIM/GT Funds); or
 
/ / to receive dividends in cash and have other distributions automatically
    reinvested in additional Advisor Class shares of the Fund (or other AIM/GT
    Funds); or
 
                               Prospectus Page 18
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
 
/ / to receive other distributions in cash and have dividends automatically
    reinvested in additional Advisor Class shares of the Fund (or other AIM/ GT
    Funds); or
 
/ / to receive dividends and other distributions in cash.
 
Automatic reinvestments in additional Advisor Class shares are made at net asset
value without imposition of a sales charge. IF NO ELECTION IS MADE BY A
SHAREHOLDER, ALL DIVIDENDS AND OTHER DISTRIBUTIONS WILL BE AUTOMATICALLY
REINVESTED IN ADDITIONAL ADVISOR CLASS SHARES OF THE FUND. Reinvestments in
another AIM/GT Fund may only be directed to an account with the identical
shareholder registration and account number. These elections may be changed by a
shareholder at any time; to be effective with respect to a distribution, the
shareholder or the shareholder's broker must contact the Transfer Agent by mail
or telephone at least 15 Business Days prior to the payment date. THE FEDERAL
INCOME TAX CONSEQUENCES OF DIVIDENDS AND OTHER DISTRIBUTIONS ARE THE SAME
WHETHER THEY ARE RECEIVED IN CASH OR REINVESTED IN ADDITIONAL SHARES.
 
Any dividend or other distribution paid by the Fund has the effect of reducing
the net asset value per share on the ex-distribution date by the amount thereof.
Therefore, a dividend or other distribution paid shortly after a purchase of
shares would represent, in substance, a return of capital to the shareholder (to
the extent the distribution is paid on the shares so purchased), even though
subject to income tax, as discussed below.
 
TAXES. The Fund intends to continue to qualify for treatment as a regulated
investment company under the Internal Revenue Code of 1986, as amended (the
"Code"). In each taxable year that the Fund so qualifies, the Fund (but not its
shareholders) will be relieved of federal income tax on that part of its
investment company taxable income (consisting generally of net investment
income, net gains from certain foreign currency transactions and net short-term
capital gain) and net capital gain (i.e., the excess of net long-term capital
gain over net short-term capital loss) that it distributes to its shareholders.
 
Dividends from the Fund's investment company taxable income (whether paid in
cash or reinvested in additional shares) are taxable to its shareholders as
ordinary income to the extent of its earnings and profits. Distributions of the
Fund's net capital gain, when designated as such, are taxable to its
shareholders as long-term capital gains, regardless of how long they have held
their Fund shares and whether paid in cash or reinvested in additional shares.
 
Under the Taxpayer Relief Act of 1997, different maximum tax rates apply to a
noncorporate taxpayer's net capital gain depending on the taxpayer's holding
period and marginal rate of federal income tax -- generally, 28% for gain
recognized on securities held for more than one year but not more than 18 months
and 20% (10% for taxpayers in the 15% marginal tax bracket) for gain recognized
on securities held for more than 18 months. The Fund may divide each net capital
gain distribution into a 28% rate gain distribution and a 20% rate gain
distribution (in accordance with the Fund's holding periods for the securities
it sold that generated the distributed gain), in which event its shareholders
must treat those portions accordingly.
 
The Fund provides federal tax information to its shareholders annually,
including information about dividends and capital gain distributions paid during
the preceding year and, under certain circumstances, the shareholders'
respective shares of any foreign taxes paid (directly or indirectly) by the
Fund, in which event each shareholder would be required to include in his or her
gross income his or her pro rata share of those taxes but might be entitled to
claim a credit or deduction for them. The information regarding capital gain
distributions designates the portions thereof subject to the different maximum
rates of tax applicable to noncorporate taxpayers' net capital gain indicated
above.
 
The Fund must withhold 31% from dividends, capital gain distributions and
redemption proceeds payable to any individuals and certain other noncorporate
shareholders who have not furnished to the Fund a correct taxpayer
identification number or a properly completed claim for exemption on Form W-8 or
W-9. Withholding at that rate also is required from dividends and capital gain
distributions payable to such shareholders who otherwise are subject to backup
withholding. Fund accounts opened via a bank wire purchase (see "How to Invest
- -- Purchases Through the Distributor") are considered to have uncertified
taxpayer identification numbers unless a completed Form W-8 or W-9 or Account
Application is received by the Transfer Agent within seven days after the
purchase. A shareholder should contact the Transfer Agent if the shareholder is
uncertain whether a proper taxpayer identification number is on file with the
Fund.
 
                               Prospectus Page 19
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
 
A redemption of Fund shares may result in taxable gain or loss to the redeeming
shareholder, depending upon whether the redemption proceeds are more or less
than the shareholder's adjusted basis for the redeemed shares. An exchange of
Fund shares for shares of another mutual fund generally will have similar tax
consequences. In addition, if Fund shares are purchased within 30 days before or
after redeeming other Fund shares (regardless of class) at a loss, all or a part
of the loss will not be deductible and instead will increase the basis of the
newly purchased shares.
 
The foregoing is only a summary of some of the important federal tax
considerations generally affecting the Fund and its shareholders. See "Taxes" in
the Statement of Additional Information for a further discussion. There may be
other federal, state, local or foreign tax considerations applicable to a
particular investor. Prospective investors therefore are urged to consult their
tax advisers.
 
- --------------------------------------------------------------------------------
 
                                   MANAGEMENT
 
- --------------------------------------------------------------------------------
 
The Company's Board of Directors has overall responsibility for the operation of
the Fund. The Company's Board of Directors has approved all significant
agreements between the Company on the one side and persons or companies
furnishing services to the Fund on the other, including the investment advisory
and administrative services agreement with AIM, the investment sub-advisory and
sub-administration agreement with the Sub-adviser, the agreements with AIM
Distributors regarding distribution of the Fund's shares, the custody agreement
with State Street Bank and Trust Company and the transfer agency agreement with
GT Global Investor Services, Inc. The day-to-day operations of the Fund are
delegated to the officers of the Company, subject always to the objective and
policies of the Fund and to the general supervision of the Company's Board of
Directors. See "Directors and Executive Officers" in the Statement of Additional
Information for information on the Directors of the Company.
 
INVESTMENT MANAGEMENT AND ADMINISTRATION. Services provided by AIM and the
Sub-adviser as the Fund's investment managers and administrators include, but
are not limited to, determining the composition of the Fund's portfolio and
placing orders to buy, sell or hold particular securities; furnishing corporate
officers and clerical staff; providing office space, services and equipment; and
supervising all matters relating to the Fund's operation. For these services,
the Fund pays AIM investment management and administration fees, computed daily
and paid monthly, based on the average daily net assets, at the annualized rate
of .975% on the first $500 million, .95% on the next $500 million, .925% on the
next $500 million and .90% on amounts thereafter. Out of the aggregate fees
payable by the Fund, AIM pays the Sub-adviser sub-advisory and
sub-administration fees equal to 40% of the aggregate fees AIM receives from the
Fund. The investment management and administration fees paid by the Fund are
higher than those paid by most mutual funds. AIM has undertaken to limit the
Fund's expenses (exclusive of brokerage commissions, taxes, interest and
extraordinary expenses) to the annual rate of 1.40% of the average daily net
assets of the Fund's Advisor Class shares.
 
The Sub-adviser also serves as the Fund's pricing and accounting agent. For
these services the Sub-adviser receives a fee at an annual rate derived by
applying 0.03% to the first $5 billion of assets of the AIM/GT Funds and 0.02%
to the assets in excess of $5 billion, and allocating the result according to
each Fund's average daily net assets.
 
AIM, 11 Greenway Plaza, Suite 100, Houston, Texas 77046, serves as the
investment adviser to the Fund pursuant to a master investment advisory
agreement, dated as of May 29, 1998 (the "Advisory Agreement"). AIM was
organized in 1976 and, together with its subsidiaries, manages or advises
approximately 90 investment company portfolios encompassing a broad range of
investment objectives. The Sub-adviser, INVESCO (NY), Inc., 50 California
Street, 27th Floor, San Francisco, California 94111, and 1166 Avenue of the
Americas, New York, New York 10036, serves as the sub-adviser to the Fund
pursuant to an investment sub-advisory agreement dated as of May 29, 1998. Prior
to May 29, 1998, the Sub-adviser was known as Chancellor LGT Asset Management,
Inc. On
 
                               Prospectus Page 20
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
May 29, 1998, Liechtenstein Global Trust AG ("LGT"), the former indirect parent
organization of the Sub-adviser, consummated a purchase agreement with AMVESCAP
PLC pursuant to which AMVESCAP PLC acquired LGT's Asset Management Division,
which included the Sub-adviser and certain other affiliates. As a result of this
transaction, the Sub-adviser is now an indirect wholly owned subsidiary of
AMVESCAP PLC. Prior to the sale, the Sub-adviser and its worldwide asset
management affiliates provided investment management and/or administrative
services to institutional, corporate and individual clients around the world
since 1969.
 
AIM and the Sub-adviser and their worldwide asset management affiliates provide
investment management and/or administrative services to institutional, corporate
and individual clients around the world. AIM and the Sub-adviser are both
indirect wholly owned subsidiaries of AMVESCAP PLC. AMVESCAP PLC and its
subsidiaries are an independent investment management group that has a
significant presence in the institutional and retail segment of the investment
management industry in North America and Europe, and a growing presence in Asia.
 
In addition to the investment resources of their Houston, San Francisco and New
York offices, AIM and the Sub-adviser draw upon the expertise, personnel, data
and systems of other offices, including investment offices in Atlanta, Boston,
Dallas, Denver, Louisville, Miami, Portland (Oregon), Frankfurt, Hong Kong,
London, Singapore, Sydney, Tokyo and Toronto. In managing the Fund, the
Sub-adviser employs a team approach, taking advantage of its investment
 
resources around the world.
 
The investment professionals primarily responsible for the portfolio management
of the Fund are as follows:
 
                              GROWTH & INCOME FUND
 
<TABLE>
<CAPTION>
                            RESPONSIBILITIES FOR                              BUSINESS EXPERIENCE
NAME/OFFICE                       THE FUND                                      LAST FIVE YEARS
- ------------------  ------------------------------------  ------------------------------------------------------------
<S>                 <C>                                   <C>
Nicholas S. Train   Portfolio Manager since Fund          Head of Investments for the United Kingdom and Europe for
 London              inception in 1990                     the Sub-adviser and INVESCO GT Asset Management PLC
                                                           (London) ("GT Asset Management"), an affiliate of the
                                                           Sub-adviser, since 1996. Portfolio Manager for the
                                                           Sub-adviser and GT Asset Management from 1984 to 1996.
Paul Griffiths      Portfolio Manager since 1995          Head of Global Fixed Income for the Sub-adviser and GT Asset
 London                                                    Management since June 1997. Portfolio Manager from 1994 to
                                                           1997. Global Bond Fund Manager for Lazard Investors from
                                                           1993 to 1994. Global Bond Fund Manager for Sanwa
                                                           International PLC from 1991 to 1993.
</TABLE>
 
                            ------------------------
 
In placing securities orders for the Fund's portfolio transactions, the
Sub-adviser seeks to obtain the best net results. Consistent with its obligation
to obtain the best net results, the Sub-adviser may consider a broker/dealer's
sale of shares of the AIM Funds as a factor in considering through whom
portfolio transactions will be effected. Brokerage transactions may be executed
through affiliates of AIM or the Sub-adviser.
 
DISTRIBUTION OF FUND SHARES. AIM Distributors is the distributor of the Fund's
Advisor Class shares. AIM Distributors is a wholly owned subsidiary of AIM. The
address of AIM Distributors is P.O. Box 4739, Houston, Texas 77210-4739.
 
The Sub-adviser or an affiliate thereof may make ongoing payments to Financial
Advisers and others that facilitate the administration and servicing of Advisor
Class shareholder accounts.
 
The Glass-Steagall Act and other applicable laws, among other things, generally
prohibit federally chartered or supervised banks from engaging in the business
of underwriting or distributing securities. Accordingly, AIM Distributors
intends to engage banks (if at all) only to perform administrative and
shareholder servicing functions. Banks and broker/dealer affiliates of banks may
also execute dealer agreements with AIM Distributors for the purpose of selling
shares of the Fund. If a bank were prohibited from so acting, its shareholder
clients would be permitted to remain shareholders, and alternative means for
continuing the servicing of such shareholders would be sought. It is not
expected that shareholders would suffer any adverse financial consequences as a
result of any of these occurrences.
 
                               Prospectus Page 21
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
 
                               OTHER INFORMATION
 
- --------------------------------------------------------------------------------
 
CONFIRMATIONS AND REPORTS TO SHAREHOLDERS. Each time a transaction is made that
affects a shareholder's account in the Fund, the shareholder will receive from
the Transfer Agent a confirmation statement reflecting the transaction.
Confirmations for transactions effected pursuant to the Fund's automatic
dividend reinvestment program may be provided quarterly. Shortly after the end
of the Fund's fiscal year on October 31 and fiscal half-year on April 30 of each
year, shareholders receive an annual and semiannual report, respectively. In
addition, the federal income tax status of distributions made by the Fund to
shareholders is reported after the end of each calendar year on Form 1099-DIV.
Under certain circumstances, duplicate mailings of the foregoing reports to the
same household may be consolidated.
 
ORGANIZATION OF THE COMPANY. The Company was organized as a Maryland corporation
on October 29, 1987. Prior to May 29, 1998, the Company operated under the name
G.T. Investment Funds, Inc. From time to time, the Company has established and
may continue to establish other funds, each corresponding to a distinct
investment portfolio and a distinct series of the Company's shares. Shares of
the Fund are entitled to one vote per share (with proportional voting for
fractional shares) and are freely transferable. Shareholders have no preemptive
or conversion rights.
 
On any matter submitted to a vote of shareholders, shares of the Fund will be
voted by the Fund's shareholders individually when the matter affects the
specific interest of the Fund only, such as approval of its investment
management arrangements. In addition, shares of a particular class of the Fund
may vote on matters affecting only that class. The shares of the Fund and the
Company's other funds will be voted in the aggregate on other matters, such as
the election of Directors and ratification of the selection of the Company's
independent accountants.
 
Normally there will be no annual meeting of shareholders in any year, except as
required under the 1940 Act. The Company would be required to hold a
shareholders' meeting in the event that at any time less than a majority of the
Directors holding office had been elected by shareholders. Directors shall
continue to hold office until their successors are elected and have qualified.
Shares of the Company's funds do not have cumulative voting rights, which means
that the holders of a majority of the shares voting for the election of
Directors can elect all the Directors. A Director may be removed upon a majority
vote of the shareholders qualified to vote in the election. Shareholders holding
10% of the Company's outstanding voting securities may call a meeting of
shareholders for the purpose of voting upon the question of removal of any
Director or for any other purpose. The 1940 Act requires the Company to assist
shareholders in calling such a meeting.
 
The Fund offers Advisor Class shares through this prospectus to certain
investors. The Fund also offers Class A shares and Class B shares to investors
through a separate Prospectus. Each class of shares will experience different
net asset values and dividends as a result of different expenses borne by each
class of shares. The per share net asset value and dividends of the Advisor
Class shares of the Fund generally will be higher than that of the Class A and B
shares of the Fund because of the higher expenses borne by the Class A and B
shares. The per share dividends on Advisor Class shares of the Fund will
generally be higher than the per share dividends on Class A and B shares of the
Fund as a result of the service and distribution fees applicable with respect to
Class A and B shares. Consequently, during comparable periods, the Fund expects
that the total return on an investment in shares of the Advisor Class will be
higher than the total return on Class A or Class B shares.
 
Pursuant to the Company's Articles of Incorporation, it may issue six billion
shares. Of this number, 300 million shares have been classified as shares of the
Fund; 100 million shares have been classified as Class A shares, 100 million
shares have been classified as Class B shares, and 100 million shares have been
classified as Advisor Class shares. These amounts may be increased from time to
time in the discretion of the Board of Directors. Each share of the Fund
represents an interest in the Fund only, has a par value of $0.0001 per share,
represents an equal proportionate interest in the
 
                               Prospectus Page 22
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
Fund with other shares of the Fund and is entitled to such dividends and other
distributions out of the income earned and gain realized on the assets belonging
to the Fund as may be declared at the discretion of the Board of Directors. Each
Class A, Class B and Advisor Class share of the Fund is equal in earnings,
assets and voting privileges, except as noted above, and each class bears the
expenses, if any, related to the distribution of its shares. Shares of the Fund,
when issued, are fully paid and nonassessable.
 
Shareholders have been asked to vote on the reorganization of the Company into a
Delaware business trust. If approved by shareholders, it is anticipated that the
reorganization would occur prior to October 1, 1998.
 
SHAREHOLDER INQUIRIES. Shareholder inquiries may be made by calling the Fund
toll-free at (800) 223-2138 or by writing to the Fund at 50 California Street,
27th Floor, San Francisco, CA 94111.
 
PERFORMANCE INFORMATION. The Fund, from time to time, may include information on
its investment results and/or comparisons of its investment results to various
unmanaged indices or results of other mutual funds or groups of mutual funds in
advertisements, sales literature or reports furnished to present or prospective
shareholders.
 
In such materials, the Fund may quote its average annual total return
("Standardized Return"). Standardized Return is calculated separately for each
class of shares of the Fund. Standardized Return shows percentage rates
reflecting the average annual change in the value of an assumed investment in
the Fund at the end of one-, five- and ten-year periods, reduced by the maximum
applicable sales charge imposed on sales of Fund shares. If a one-, five- and/or
ten-year period has not yet elapsed, data will be provided as of the end of a
shorter period corresponding to the life of the Fund. Standardized Return
assumes reinvestment of all dividends and other distributions.
 
In addition, in order to more completely represent the Fund's performance or
more accurately compare such performance to other measures of investment return,
the Fund also may include in advertisements, sales literature and shareholder
reports other total return performance data ("Non-Standardized Return").
Non-Standardized return reflects percentage rates of return encompassing all
elements of total return (e.g., income and capital appreciation or
depreciation); it assumes reinvestment of all dividends and other distributions.
Non-Standardized Return may be quoted for the same or different periods as those
for which Standardized Return is quoted; it may consist of an aggregate or
average annual percentage rate of return, actual year-by-year rates or any
combination thereof. Non-Standardized Return may or may not take sales charges
into account; performance data calculated without taking the effect of sales
charges into account will be higher than data including the effect of such
charges.
 
The Fund's performance data reflects past performance and is not necessarily
indicative of future results. The Fund's investment results will vary from time
to time depending upon market conditions, the composition of its portfolio and
its operating expenses. These factors and possible differences in calculation
methods should be considered when comparing the Fund's investment results with
those published for other investment companies, other investment vehicles and
unmanaged indices. The Fund's results also should be considered relative to the
risks associated with its investment objective and policies. See "Investment
Results" in the Statement of Additional Information.
 
The Fund's annual report contains additional information with respect to its
performance. The annual report is available to investors upon request and free
of charge.
 
YEAR 2000 COMPLIANCE PROJECT. In providing services to the Fund, AIM, AIM
Distributors, the Transfer Agent and the Sub-adviser rely on internal computer
systems as well as external computer systems provided by third parties. Some of
these systems were not originally designed to distinguish between the year 1900
and the year 2000. This inability, if not corrected, could adversely affect the
services AIM, AIM Distributors, the Transfer Agent and the Sub-adviser and
others provide the Fund and its shareholders.
 
To address this important issue, AIM, AIM Distributors, the Transfer Agent and
the Sub-adviser have undertaken a comprehensive Year 2000 Compliance Project
(the "Project"). The Project consists of four phases: (i) inventorying every
software and hardware system in use at AIM, AIM Distributors, the Transfer Agent
and the Sub-adviser, as well as remote, third-party systems on which AIM, AIM
Distributors, the Transfer Agent and the Sub-adviser rely; (ii) identifying
those systems that may not function properly after December 31, 1999; (iii)
correcting or replacing
 
                               Prospectus Page 23
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
those systems that have been so identified; and (iv) testing the processing of
Fund data in all systems. Phase (i) has been completed; phase (ii) is
substantially completed; phase (iii) has commenced; and phase (iv) is expected
to commence during the third quarter of 1998. The Project is scheduled to be
completed by December 31, 1998. Following completion of the Project, AIM, AIM
Distributors and the Sub-adviser will review any systems subsequently acquired
to confirm that they are year 2000 compliant.
 
TRANSFER AGENT. Shareholder servicing, reporting and general transfer agent
functions for the Fund are performed by GT Global Investor Services, Inc. The
Transfer Agent is an affiliate of the Sub-adviser and AIM and maintains its
offices at California Plaza, 2121 North California Boulevard, Suite 450, Walnut
Creek, CA 94596.
 
CUSTODIAN. State Street Bank and Trust Company, 225 Franklin Street, Boston, MA
02110 is custodian of the Fund's assets.
 
COUNSEL. The law firm of Kirkpatrick & Lockhart LLP, 1800 Massachusetts Avenue,
N.W., Washington, D.C. 20036-1800, acts as counsel to the Company and the Fund.
Kirkpatrick & Lockhart LLP also acts as counsel to the Sub-adviser and the
Transfer Agent in connection with other matters.
 
INDEPENDENT ACCOUNTANTS. The Company's and the Fund's independent accountants
are Coopers & Lybrand L.L.P., One Post Office Square, Boston, MA 02109. Coopers
& Lybrand L.L.P. conducts an annual audit of the Fund, assists in the
preparation of the Fund's federal and state income tax returns, and consults
with the Company and the Fund as to matters of accounting, regulatory filings,
and federal and state income taxation.
 
MULTIPLE TRANSLATIONS OF THE PROSPECTUS. This Prospectus may be translated into
other languages. In the event of any inconsistency or ambiguity as to the
meaning of any word or phrase contained in a translation, the English text shall
prevail.
 
                               Prospectus Page 24
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
 
                                     NOTES
 
- --------------------------------------------------------------------------------
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
 
                                  AIM/GT FUNDS
 
  AIM DISTRIBUTORS OFFERS A BROAD RANGE OF FUNDS TO COMPLEMENT MANY INVESTORS'
  PORTFOLIOS. FOR MORE INFORMATION AND A PROSPECTUS ON ANY OF THE FUNDS LISTED
  BELOW, INCLUDING FEES, EXPENSES AND THE RISKS OF GLOBAL AND EMERGING MARKET
  INVESTING AND THE RISKS OF INVESTING IN RELATED INDUSTRIES, PLEASE CONTACT
  YOUR FINANCIAL ADVISER OR CALL 1-800-824-1580.
 
GROWTH FUNDS
 
/ / GLOBALLY DIVERSIFIED FUNDS
 
AIM NEW DIMENSION FUND
Captures global growth opportunities by investing directly in the six global
theme funds
 
AIM WORLDWIDE GROWTH FUND
Invests around the world, including the U.S.
 
AIM INTERNATIONAL GROWTH FUND
Provides portfolio diversity by investing outside
the U.S.
 
AIM EMERGING MARKETS FUND
Gives access to the growth potential of developing economies
 
AIM DEVELOPING MARKETS FUND
Invests in debt and equity securities of developing market issuers
 
/ / GLOBAL THEME FUNDS
 
AIM GLOBAL CONSUMER PRODUCTS AND
SERVICES FUND
Invests in companies that manufacture, market, retail, or distribute consumer
products or services
 
AIM GLOBAL FINANCIAL SERVICES FUND
Focuses on the worldwide opportunities from the demand for financial services
and products
 
AIM GLOBAL HEALTH CARE FUND
Invests in growing health care industries worldwide
 
AIM GLOBAL INFRASTRUCTURE FUND
Seeks companies that build, improve or maintain a country's infrastructure
 
AIM GLOBAL RESOURCES FUND
Concentrates on companies that own, explore or develop natural resources
 
AIM GLOBAL TELECOMMUNICATIONS FUND
Invests in companies worldwide that develop, manufacture or sell
telecommunications services or equipment
 
/ / REGIONALLY DIVERSIFIED FUNDS
 
AIM NEW PACIFIC GROWTH FUND
Offers access to the emerging and established markets of the Pacific Rim,
excluding Japan
 
AIM EUROPE GROWTH FUND
Focuses on investment opportunities in Europe
 
AIM LATIN AMERICAN GROWTH FUND
Invests in the emerging markets of Latin America
 
/ / SINGLE COUNTRY FUNDS
 
AIM SMALL CAP EQUITY FUND
Invests in equity securities of small U.S. companies
 
AIM MID CAP GROWTH FUND
Concentrates on medium-sized companies in the U.S.
 
AIM AMERICA VALUE FUND
Concentrates on equity securities of large cap U.S. companies believed to be
undervalued
 
AIM JAPAN GROWTH FUND
Provides U.S. investors with direct access to the Japanese market
 
GROWTH AND INCOME FUND
 
AIM GLOBAL GROWTH & INCOME FUND
Invests in blue-chip stocks and government bonds from around the world
 
INCOME FUNDS
 
AIM GLOBAL GOVERNMENT INCOME FUND
Earns monthly income from global government securities
 
AIM STRATEGIC INCOME FUND
Allocates its assets among debt securities from the U.S., developed foreign
countries and emerging markets
 
AIM GLOBAL HIGH INCOME FUND
Invests in debt securities in emerging markets
 
AIM FLOATING RATE FUND
Invests primarily in senior secured floating rate loans that have the potential
to achieve a high level of current income
 
MONEY MARKET FUND
 
AIM DOLLAR FUND
Invests in high quality, U.S. dollar-denominated money market securities
worldwide for stability and preservation of capital
 
                                     [LOGO]
 
  NO DEALER, SALES REPRESENTATIVE OR OTHER PERSON HAS BEEN AUTHORIZED TO GIVE
  ANY INFORMATION OR TO MAKE ANY REPRESENTATION NOT CONTAINED IN THIS
  PROSPECTUS AND, IF GIVEN OR MADE, SUCH INFORMATION OR REPRESENTATION MUST
  NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED BY AIM INVESTMENT FUNDS, INC.,
  AIM GLOBAL GROWTH & INCOME FUND, A I M ADVISORS, INC., INVESCO (NY), INC. OR
  A I M DISTRIBUTORS, INC. THIS PROSPECTUS DOES NOT CONSTITUTE AN OFFER TO
  SELL OR SOLICITATION OF ANY OFFER TO BUY ANY OF THE SECURITIES OFFERED
  HEREBY IN ANY JURISDICTION TO ANY PERSON TO WHOM IT IS UNLAWFUL TO MAKE SUCH
  OFFER IN SUCH JURISDICTION.
 
                                                                   GGI-PRO-2
<PAGE>
                              AIM GLOBAL GROWTH &
                           INCOME FUND: ADVISOR CLASS
 
                        50 California Street, 27th Floor
                            San Francisco, CA 94111
                                 (415) 392-6181
                           Toll Free: (800) 824-1580
 
                      Statement of Additional Information
                                  June 1, 1998
 
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This  Statement of Additional Information relates to the Advisor Class shares of
AIM Global Growth & Income Fund  ("Fund"). The Fund is a non-diversified  series
of  AIM Investment Funds, Inc. (the "Company"), a registered open-end management
investment company. This  Statement of  Additional Information, which  is not  a
prospectus,  supplements  and  should be  read  in conjunction  with  the Fund's
current Advisor  Class  Prospectus  dated June  1,  1998,  a copy  of  which  is
available  without charge by writing to the above address or by calling the Fund
at the toll-free telephone number listed above.
 
A  I  M  Advisors,  Inc.  ("AIM")  serves  as  the  investment  manager  of  and
administrator  for, and  INVESCO (NY),  Inc. (the  "Sub-adviser") serves  as the
investment sub-adviser and  sub-administrator for the  Fund. The distributor  of
the  Fund's shares is A I M  Distributors, Inc. ("AIM Distributors"). The Fund's
transfer agent  is GT  Global  Investor Services,  Inc.  ("GT Services"  or  the
"Transfer Agent").
 
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                               TABLE OF CONTENTS
 
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<TABLE>
<CAPTION>
                                                                                                                           Page No.
                                                                                                                           --------
<S>                                                                                                                        <C>
Investment Objective and Policies........................................................................................      2
Options, Futures and Currency Strategies.................................................................................      5
Risk Factors.............................................................................................................     13
Investment Limitations...................................................................................................     18
Execution of Portfolio Transactions......................................................................................     19
Directors and Executive Officers.........................................................................................     21
Management...............................................................................................................     24
Valuation of Fund Shares.................................................................................................     25
Information Relating to Sales and Redemptions............................................................................     26
Taxes....................................................................................................................     28
Additional Information...................................................................................................     30
Investment Results.......................................................................................................     31
Description of Debt Ratings..............................................................................................     35
Financial Statements.....................................................................................................     37
</TABLE>
 
                                     [LOGO]
 
                   Statement of Additional Information Page 1
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
 
                            INVESTMENT OBJECTIVE AND
                                    POLICIES
 
- --------------------------------------------------------------------------------
 
INVESTMENT OBJECTIVE
The  investment objective of the Fund is long-term capital appreciation together
with current  income. The  Fund seeks  its objective  by investing  in a  global
portfolio of both equity securities and debt obligations allocated among diverse
international markets.
 
SELECTION OF EQUITY INVESTMENTS
For  investment  purposes, an  issuer is  typically considered  as located  in a
particular country  if it  (a) is  incorporated under  the laws  of or  has  its
principal  office in that country, or (b) it normally derives 50% or more of its
total revenue from  business in that  country. However, these  are not  absolute
requirements,  and certain  companies incorporated  in a  particular country and
considered by the Sub-adviser to be located in that country may have substantial
off-shore operations or subsidiaries and/or  export sales exceeding in size  the
assets or sales in that country.
 
INVESTMENTS IN OTHER INVESTMENT COMPANIES
The  Fund  may  invest  in the  securities  of  investment  companies (including
investment vehicles or companies  advised by the  Sub-adviser or its  affiliates
("Affiliated  Funds")) within the limits of  the Investment Company Act of 1940,
as amended ("1940 Act"). These  limitations currently provide that, in  general,
the  Fund may purchase shares of a closed-end investment company unless (a) such
a purchase would cause the Fund to own  in the aggregate more than 3 percent  of
the  total outstanding  voting stock  of the  investment company  or (b)  such a
purchase would cause the Fund  to have more than 5  percent of its total  assets
invested  in the investment company or more  than 10 percent of its total assets
invested in an aggregate  of all such investment  companies. Investment in  such
investment  companies may also involve the payment of substantial premiums above
the value of such companies' portfolio  securities. The Fund does not intend  to
invest  in such investment companies unless, in the judgment of the Sub-adviser,
the potential benefits of such investments justify the payment of any applicable
premiums. The return on such securities will be reduced by operating expenses of
such companies including payments to the investment managers of those investment
companies. With  respect to  investments in  Affiliated Funds,  the  Sub-adviser
waives  its advisory fee to the extent that such fees are based on assets of the
Fund invested in Affiliated Funds.
 
DEPOSITORY RECEIPTS
The Fund may hold equity securities of  foreign issuers in the form of  American
Depository  Receipts  ("ADRs"),  American  Depository  Shares  ("ADSs"),  Global
Depository Receipts ("GDRs") and European Depository Receipts ("EDRs"), or other
securities convertible into securities of eligible issuers. These securities may
not necessarily be denominated in the same currency as the securities for  which
they may be exchanged. ADRs and ADSs typically are issued by an American bank or
trust  company  and  evidence ownership  of  underlying securities  issued  by a
foreign corporation.  EDRs,  which  are sometimes  referred  to  as  Continental
Depository  Receipts ("CDRs"), are  issued in Europe  typically by foreign banks
and trust  companies  and  evidence  ownership of  either  foreign  or  domestic
securities.  GDRs  are similar  to  EDRs and  are  designed for  use  in several
international financial markets. Generally, ADRs and ADSs in registered form are
designed for use in United States securities markets and EDRs in bearer form are
designed for use  in European  securities markets.  For purposes  of the  Fund's
investment policies, the Fund's investments in ADRs, ADSs, GDRs and EDRs will be
deemed  to be  investments in the  equity securities  representing securities of
foreign issuers into which they may be converted.
 
ADR facilities may be established as either "unsponsored" or "sponsored."  While
ADRs  issued under these two  types of facilities are  in some respects similar,
there are distinctions between  them relating to the  rights and obligations  of
ADR holders and the practices of market participants. A depository may establish
an  unsponsored  facility  without  participation by  (or  even  necessarily the
acquiescence of) the issuer of the deposited securities, although typically  the
depository  requests a  letter of  non-objection from  such issuer  prior to the
establishment of the facility.  Holders of unsponsored  ADRs generally bear  all
the  costs  of such  facilities. The  depository usually  charges fees  upon the
deposit and withdrawal of the deposited securities, the conversion of  dividends
into   U.S.  dollars,  the  disposition   of  non-cash  distributions,  and  the
performance of  other  services.  The  depository  of  an  unsponsored  facility
frequently  is  under  no obligation  to  distribute  shareholder communications
received from the issuer of the  deposited securities or to pass-through  voting
rights  to ADR  holders in  respect of  the deposited  securities. Sponsored ADR
facilities are created in generally  the same manner as unsponsored  facilities,
except  that  the  issuer of  the  deposited  securities enters  into  a deposit
agreement with the
 
                   Statement of Additional Information Page 2
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
depository. The deposit agreement  sets out the  rights and responsibilities  of
the  issuer, the depository and the  ADR holders. With sponsored facilities, the
issuer of  the  deposited securities  generally  will  bear some  of  the  costs
relating  to the  facility (such  as dividend  payment fees  of the depository),
although ADR holders continue to bear  certain other costs (such as deposit  and
withdrawal  fees). Under the terms  of most sponsored arrangements, depositories
agree to distribute notices of shareholder meetings and voting instructions, and
to provide shareholder communications and  other information to the ADR  holders
at the request of the issuer of the deposited securities. The Fund may invest in
both sponsored and unsponsored ADRs.
 
WARRANTS OR RIGHTS
Warrants  or  rights  may be  acquired  by  the Fund  in  connection  with other
securities or separately and provide  the Fund with the  right to purchase at  a
later date other securities of the issuer.
 
LENDING OF PORTFOLIO SECURITIES
For  the purpose of realizing additional income, the Fund may make secured loans
of portfolio securities  amounting to  not more than  30% of  its total  assets.
Securities  loans are made to broker/dealers or institutional investors pursuant
to agreements requiring that the loans continuously be secured by collateral  at
least  equal at all times  to the value of the  securities lent plus any accrued
interest, "marked  to market"  on a  daily basis.  The Fund  may pay  reasonable
administrative  and custodial fees  in connection with  loans of its securities.
While the securities loan is outstanding, the Fund will continue to receive  the
equivalent of the interest or dividends paid by the issuer on the securities, as
well as interest on the investment of the collateral or a fee from the borrower.
The  Fund will have a  right to call each loan  and obtain the securities within
the stated settlement period. The  Fund will not have  the right to vote  equity
securities while they are lent, but it may call in a loan in anticipation of any
important vote. Loans will be made only to firms deemed by the Sub-adviser to be
of  good  standing  and  will  not  be  made  unless,  in  the  judgment  of the
Sub-adviser, the consideration to  be earned from such  loans would justify  the
risk.
 
MONEY MARKET INSTRUMENTS
Money  market instruments in which the Fund may invest include, U.S. securities;
high-grade commercial paper; bank certificates of deposit; bankers'  acceptances
and   repurchase  agreements  related  to  any  of  the  foregoing.  "High-grade
commercial paper" refers to commercial paper  rated A-1 by Standard & Poor's,  a
division  of  The  McGraw-Hill  Companies, Inc.,  or  P-1  by  Moody's Investors
Service, Inc.  or,  if  not  rated,  determined by  the  Sub-adviser  to  be  of
comparable quality.
 
COMMERCIAL BANK OBLIGATIONS
For  the  purposes  of  the  Fund's investment  policies  with  respect  to bank
obligations, obligations of foreign branches of U.S. banks and of foreign  banks
are obligations of the issuing bank and may be general obligations of the parent
bank.  Such obligations,  however, may  be limited  by the  terms of  a specific
obligation  and  by  government  regulation.  As  with  investment  in  non-U.S.
securities  in general,  investments in the  obligations of  foreign branches of
U.S. banks and of foreign  banks may subject the  Fund to investment risks  that
are  different  in some  respects from  those of  investments in  obligations of
domestic issuers. Although  the Fund typically  will acquire obligations  issued
and  supported by the credit of U.S. or foreign banks having total assets at the
time of purchase  in excess  of $1  billion, this $1  billion figure  is not  an
investment  policy or restriction  of the Fund. For  the purposes of calculation
with respect to the $1  billion figure, the assets of  a bank will be deemed  to
include the assets of its U.S. and non-U.S. branches.
 
REPURCHASE AGREEMENTS
A  repurchase agreement is a transaction in  which the Fund purchases a security
from a bank or recognized securities dealer and simultaneously commits to resell
that security to the bank  or dealer at an agreed  upon price, date, and  market
rate  of interest  unrelated to  the coupon  rate or  maturity of  the purchased
security. Although repurchase agreements carry certain risks not associated with
direct investments in securities, including possible decline in the market value
of the underlying securities and delays and costs to the Fund if the other party
to the repurchase  agreement becomes bankrupt,  the Fund intends  to enter  into
repurchase agreements only with banks and dealers believed by the Sub-adviser to
present  minimum credit risks  in accordance with  guidelines established by the
Company's Board  of  Directors. The  Sub-adviser  will review  and  monitor  the
creditworthiness of such institutions under the Board's general supervision.
 
The  Fund will invest only in  repurchase agreements collateralized at all times
in an amount at least  equal to the repurchase  price plus accrued interest.  To
the  extent that the proceeds from any sale of such collateral upon a default in
the obligation to repurchase were less than the repurchase price, the Fund would
suffer a loss.  If the financial  institution which is  party to the  repurchase
agreement petitions for bankruptcy or otherwise becomes subject to bankruptcy or
other  liquidation proceedings, there may be  restrictions on the Fund's ability
to sell the collateral and the Fund  could suffer a loss. However, with  respect
to  financial  institutions  whose  bankruptcy  or  liquidation  proceedings are
subject to the U.S. Bankruptcy Code, the Fund intends to comply with  provisions
under  the U.S. Bankruptcy  Code that would  allow it immediately  to resell the
collateral. There is no limitation on the  amount of the Fund's assets that  may
be subject to repurchase
 
                   Statement of Additional Information Page 3
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
agreements  at  any  given time.  The  Fund  will not  enter  into  a repurchase
agreement with a maturity of more than seven days if, as a result, more than 10%
of the value of its net assets  would be invested in such repurchase  agreements
and other illiquid investments.
 
BORROWING, REVERSE REPURCHASE AGREEMENTS AND "ROLL" TRANSACTIONS
The  Fund's borrowings will not exceed 33 1/3% of the Fund's total assets, i.e.,
the Fund's total assets at all times will  equal at least 300% of the amount  of
outstanding  borrowings.  If  market fluctuations  in  the value  of  the Fund's
portfolio holdings or other factors cause  the ratio of the Fund's total  assets
to  outstanding  borrowings to  fall below  300%,  within three  days (excluding
Sundays and holidays) of such event the  Fund may be required to sell  portfolio
securities  to restore the  300% asset coverage, even  though from an investment
standpoint such sales might be disadvantageous.  The Fund also may borrow up  to
5%  of its total assets  for temporary or emergency  purposes other than to meet
redemptions. Any borrowing  by the  Fund may  cause greater  fluctuation in  the
value of its shares than would be the case if the Fund did not borrow.
 
The  Fund's fundamental investment  limitations permit the  Fund to borrow money
for leveraging purposes. The Fund, however, currently is prohibited, pursuant to
a non-fundamental investment policy, from  borrowing money in order to  purchase
securities.  Nevertheless, this policy may be changed in the future by a vote of
a majority of the Company's Board of Directors. If the Fund employs leverage  in
the  future, it would  be subject to  certain additional risks.  Use of leverage
creates an opportunity for  greater growth of capital  but would exaggerate  any
increases  or decreases in the Fund's net asset value. When the income and gains
on securities purchased with the proceeds of borrowings exceed the costs of such
borrowings, the Fund's  earnings or net  asset value will  increase faster  than
otherwise would be the case; conversely, if such income and gains fail to exceed
such  costs, the Fund's  earnings or net  asset value would  decline faster than
would otherwise be the case.
 
The Fund  may enter  into reverse  repurchase agreements.  A reverse  repurchase
agreement is a borrowing transaction in which the Fund transfers possession of a
security  to another party, such as a  bank or broker/dealer in return for cash,
and agrees to repurchase  the security in  the future at  an agreed upon  price,
which  includes  an  interest component.  The  Fund  also may  engage  in "roll"
borrowing transactions  which involve  the Fund's  sale of  Government  National
Mortgage Association certificates or other securities together with a commitment
(for  which the Fund may receive a  fee) to purchase similar, but not identical,
securities at a future date. The Fund  will segregate with a custodian, cash  or
liquid  securities in an amount sufficient to cover its obligations under "roll"
transactions  and  reverse  repurchase  agreements  with  broker/  dealers.   No
segregation is required for reverse repurchase agreements with banks.
 
SHORT SALES
The  Fund  may  make short  sales  of  securities, although  it  has  no current
intention of doing so. A short sale is  a transaction in which the Fund sells  a
security  in anticipation that  the market price of  that security will decline.
The Fund may  make short  sales (i)  as a form  of hedging  to offset  potential
declines  in long positions in securities it owns, or anticipates acquiring, and
(ii) in order to  maintain portfolio flexibility. The  Fund may only make  short
sales "against the box." In this type of short sale, at the time of the sale the
Fund  owns the security it has sold short or has the immediate and unconditional
right to acquire the identical security at no additional cost.
 
In a short sale, the seller does not immediately deliver the securities sold and
does not receive the proceeds from the sale. To make delivery to the  purchaser,
the  executing broker borrows the  securities being sold short  on behalf of the
seller. The seller is said to have a short position in the securities sold until
it delivers the securities sold, at which  time it receives the proceeds of  the
sale.  To secure its obligation to deliver  securities sold short, the Fund will
deposit in  a  separate  account with  its  custodian  an equal  amount  of  the
securities  sold short or  securities convertible into  or exchangeable for such
securities at no cost. The Fund could  close out a short position by  purchasing
and  delivering an  equal amount  of the securities  sold short,  rather than by
delivering securities already held by the  Fund, because the Fund might want  to
continue  to  receive  interest  and  dividend  payments  on  securities  in its
portfolio that are convertible into the securities sold short.
 
The Fund might make  a short sale  "against the box" in  order to hedge  against
market  risks when  the Sub-adviser  believes that the  price of  a security may
decline, causing a decline  in the value of  a security owned by  the Fund or  a
security  convertible into or exchangeable for  such security. In such case, any
future losses in the  Fund's long position  should be reduced by  a gain in  the
short position. Conversely, any gain in the long position should be reduced by a
loss in the short position. The extent to which such gains or losses in the long
position  are reduced will depend  upon the amount of  the securities sold short
relative to  the amount  of the  securities the  Fund owns,  either directly  or
indirectly, and, in the case where the Fund owns convertible securities, changes
in  the investment values or conversion  premiums of such securities. There will
be certain additional transaction costs associated with short sales "against the
box," but the  Fund will endeavor  to offset  these costs with  income from  the
investment of the cash proceeds of short sales.
 
                   Statement of Additional Information Page 4
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
 
                         OPTIONS, FUTURES AND CURRENCY
                                   STRATEGIES
 
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SPECIAL RISKS OF OPTIONS, FUTURES AND CURRENCY STRATEGIES
The  use of options, futures contracts  and forward currency contracts ("Forward
Contracts") involves special considerations and risks, as described below. Risks
pertaining to particular instruments are described in the sections that follow.
 
        (1) Successful  use  of  most  of these  instruments  depends  upon  the
    Sub-adviser's  ability to  predict movements  of the  overall securities and
    currency markets, which requires different skills than predicting changes in
    the prices of individual securities. While the Sub-adviser is experienced in
    the use of these instruments, there can be no assurance that any  particular
    strategy adopted will succeed.
 
        (2)  There  might  be  imperfect correlation,  or  even  no correlation,
    between price  movements  of  an  instrument  and  price  movements  of  the
    investments being hedged. For example, if the value of an instrument used in
    a  short hedge  increased by less  than the  decline in value  of the hedged
    investment, the  hedge  would  not  be fully  successful.  Such  a  lack  of
    correlation  might  occur  due to  factors  unrelated  to the  value  of the
    investments being  hedged, such  as speculative  or other  pressures on  the
    markets  in which  the hedging  instrument is  traded. The  effectiveness of
    hedges using hedging  instruments on indices  will depend on  the degree  of
    correlation  between price movements in the index and price movements in the
    investments being hedged.
 
        (3) Hedging strategies, if successful, can reduce risk of loss by wholly
    or partially offsetting the negative  effect of unfavorable price  movements
    in the investments being hedged. However, hedging strategies can also reduce
    opportunity  for gain by  offsetting the positive  effect of favorable price
    movements in the hedged investments. For  example, if a Fund entered into  a
    short  hedge because the Sub-adviser  projected a decline in  the price of a
    security in the Fund's portfolio, and  the price of that security  increased
    instead,  the gain from that increase might be wholly or partially offset by
    a decline in the price of the hedging instrument. Moreover, if the price  of
    the  hedging instrument declined by  more than the increase  in the price of
    the security, the Fund could  suffer a loss. In  either such case, the  Fund
    would have been in a better position had it not hedged at all.
 
        (4)  As described below, a Fund might  be required to maintain assets as
    "cover," maintain segregated accounts or make margin payments when it  takes
    positions  in  instruments  involving obligations  to  third  parties (I.E.,
    instruments other than purchased options). If the Fund were unable to  close
    out  its positions in such instruments, it  might be required to continue to
    maintain such assets or  accounts or make such  payments until the  position
    expired or matured. The requirements might impair the Fund's ability to sell
    a portfolio security or make an investment at a time when it would otherwise
    be favorable to do so, or require that the Fund sell a portfolio security at
    a  disadvantageous time. The  Fund's ability to  close out a  position in an
    instrument prior to  expiration or maturity  depends on the  existence of  a
    liquid secondary market or, in the absence of such a market, the ability and
    willingness  of the other party to the transaction ("contra party") to enter
    into a  transaction  closing  out  the  position.  Therefore,  there  is  no
    assurance  that any position can  be closed out at a  time and price that is
    favorable to the Fund.
 
WRITING CALL OPTIONS
The Fund may write  (sell) call options on  securities, indices and  currencies.
Call options generally will be written on securities and currencies that, in the
opinion of the Sub-adviser are not expected to make any major price moves in the
near  future  but  that,  over  the  long  term,  are  deemed  to  be attractive
investments for the Fund.
 
A call option  gives the  holder (buyer)  the right  to purchase  a security  or
currency  at a specified price (the exercise  price) at any time until (American
style) or on (European style) a certain  date (the expiration date). So long  as
the  obligation of the writer of a call  option continues, he may be assigned an
exercise notice, requiring him  to deliver the  underlying security or  currency
against  payment  of the  exercise price.  This  obligation terminates  upon the
expiration of the call option, or such earlier time at which the writer  effects
a  closing  purchase  transaction  by purchasing  an  option  identical  to that
previously sold.
 
Portfolio securities or currencies on which call options may be written will  be
purchased  solely on the basis of  investment considerations consistent with the
Fund's investment objective. When writing a call option, the Fund, in return for
the
 
                   Statement of Additional Information Page 5
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
premium, gives  up the  opportunity for  profit  from a  price increase  in  the
underlying  security or currency above the  exercise price, and retains the risk
of loss should the  price of the  security or currency  decline. Unlike one  who
owns  securities or currencies not subject to an option, the Fund has no control
over when it may  be required to sell  the underlying securities or  currencies,
since  most  options  may  be  exercised  at  any  time  prior  to  the option's
expiration. If a call option  that the Fund has  written expires, the Fund  will
realize a gain in the amount of the premium; however, such gain may be offset by
a  decline in the market value of the underlying security or currency during the
option period. If the call option is exercised, the Fund will realize a gain  or
loss  from  the sale  of  the underlying  security  or currency,  which  will be
increased or  offset by  the premium  received.  The Fund  does not  consider  a
security  or currency covered by  a call option to be  "pledged" as that term is
used in the Fund's policy that limits the pledging or mortgaging of its assets.
 
Writing call options can serve as a limited short hedge because declines in  the
value  of the  hedged investment would  be offset  to the extent  of the premium
received  for  writing  the  option.  However,  if  the  security  or   currency
appreciates to a price higher than the exercise price of the call option, it can
be  expected that the option  will be exercised and a  Fund will be obligated to
sell the security or currency at less than its market value.
 
The premium  that the  Fund receives  for writing  a call  option is  deemed  to
constitute the market value of an option. The premium the Fund will receive from
writing a call option will reflect, among other things, the current market price
of  the underlying  investment, the relationship  of the exercise  price to such
market price, the historical price volatility of the underlying investment,  and
the length of the option period. In determining whether a particular call option
should  be  written, the  Sub-adviser will  consider  the reasonableness  of the
anticipated premium and the likelihood that a liquid secondary market will exist
for those options.
 
Closing transactions  will  be effected  in  order to  realize  a profit  on  an
outstanding  call option,  to prevent  an underlying  security or  currency from
being called, or  to permit  the sale of  the underlying  security or  currency.
Furthermore,  effecting  a closing  transaction will  permit  the Fund  to write
another call  option  on the  underlying  security  or currency  with  either  a
different exercise price, expiration date or both.
 
The  Fund will pay transaction  costs in connection with  the writing of options
and in entering into closing  purchase contracts. Transaction costs relating  to
options  activity normally  are higher  than those  applicable to  purchases and
sales of portfolio securities.
 
The exercise price of the  options may be below, equal  to or above the  current
market values of the underlying securities or currencies at the time the options
are  written. From time to time, the Fund may purchase an underlying security or
currency for delivery in accordance with the exercise of an option, rather  than
delivering  such  security  or  currency  from  its  portfolio.  In  such cases,
additional costs will be incurred.
 
The Fund will realize a  profit or loss from  a closing purchase transaction  if
the  cost of  the transaction  is less or  more, respectively,  than the premium
received from writing  the option. Because  increases in the  market price of  a
call  option  generally  will  reflect  increases in  the  market  price  of the
underlying security or  currency, any loss  resulting from the  repurchase of  a
call  option is likely to be  offset in whole or in  part by appreciation of the
underlying security or currency owned by the Fund.
 
WRITING PUT OPTIONS
The Fund may  write put  options on securities,  indices and  currencies. A  put
option  gives the  purchaser of  the option  the right  to sell,  and the writer
(seller) the  obligation to  buy, the  underlying security  or currency  at  the
exercise  price at any  time until (American  style) or on  (European style) the
expiration date. The operation of put options in other respects, including their
related risks and rewards, is substantially identical to that of call options.
 
The  Fund  generally  would  write  put  options  in  circumstances  where   the
Sub-adviser  wishes  to purchase  the underlying  security  or currency  for the
Fund's portfolio at a price lower than the current market price of the  security
or  currency. In such  event, the Fund would  write a put  option at an exercise
price that, reduced by  the premium received on  the option, reflects the  lower
price  it is willing to pay. Since the  Fund also would receive interest on debt
securities or currencies maintained to cover  the exercise price of the  option,
this  technique could be used to enhance current return during periods of market
uncertainty. The risk in such  a transaction would be  that the market price  of
the  underlying security or currency would decline below the exercise price less
the premium received.
 
Writing put options can serve as a  limited long hedge because increases in  the
value  of the  hedged investment would  be offset  to the extent  of the premium
received  for  writing  the  option.  However,  if  the  security  or   currency
depreciates  to a price lower than the exercise  price of the put option, it can
be expected that the put option will be exercised and the Fund will be obligated
to purchase the security or currency at more than its market value.
 
                   Statement of Additional Information Page 6
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
 
PURCHASING PUT OPTIONS
The Fund may purchase put options on securities, indices and currencies. As  the
holder  of a put  option, the Fund would  have the right  to sell the underlying
security or currency at the exercise  price any any time until (American  style)
or  (European style) the expiration  date. The Fund may  enter into closing sale
transactions with  respect to  such options,  exercise them  or permit  them  to
expire.
 
The  Fund  may purchase  a  put option  on  an underlying  security  or currency
("protective put") owned by the Fund  to protect against an anticipated  decline
in the value of the security or currency. Such hedge protection is provided only
during  the life  of the  put option  when the  Fund, as  the holder  of the put
option, is able to sell the underlying security or currency at the put  exercise
price  regardless of  any decline in  the underlying security's  market price or
currency's exchange  value.  The  premium  paid  for  the  put  option  and  any
transaction  costs would reduce any  profit otherwise available for distribution
when the security or currency is eventually sold.
 
The Fund also may purchase put options at a time when the Fund does not own  the
underlying  security or  currency. By  purchasing put  options on  a security or
currency it does not own, the Fund seeks to benefit from a decline in the market
price of the underlying security or currency. If the put option is not sold when
it has remaining value, and  if the market price  of the underlying security  or
currency  remains equal to or greater than the exercise price during the life of
the put option, the Fund will lose  its entire investment in the put option.  In
order for the purchase of a put option to be profitable, the market price of the
underlying  security or  currency must  decline sufficiently  below the exercise
price to cover the premium and transaction costs, unless the put option is  sold
in a closing sale transaction.
 
PURCHASING CALL OPTIONS
The Fund may purchase call options on securities, indices and currencies. As the
holder  of  a  call  option, the  Fund  would  have the  right  to  purchase the
underlying security  or  currency  at  the exercise  price  at  any  time  until
(American  style) or  (European style) the  expiration date. The  Fund may enter
into closing sale transactions  with respect to such  options, exercise them  or
permit them to expire.
 
Call  options may  be purchased  by the  Fund for  the purpose  of acquiring the
underlying security or currency for its portfolio. Utilized in this fashion, the
purchase of  call options  would enable  the  Fund to  acquire the  security  or
currency  at the  exercise price of  the call  option plus the  premium paid. At
times, the net cost of acquiring the security or currency in this manner may  be
less  than  the  cost  of  acquiring the  security  or  currency  directly. This
technique also  may  be useful  to  the Fund  in  purchasing a  large  block  of
securities  that would be more difficult  to acquire by direct market purchases.
So long as it holds such a  call option, rather than the underlying security  or
currency  itself, the Fund is partially protected from any unexpected decline in
the market price  of the  underlying security or  currency and,  in such  event,
could  allow the call option  to expire, incurring a loss  only to the extent of
the premium paid for the option.
 
The Fund also may purchase call  options on underlying securities or  currencies
it  owns  to avoid  realizing losses  that would  result in  a reduction  of its
current return. For  example, where the  Fund has  written a call  option on  an
underlying security or currency having a current market value below the price at
which  it purchased the  security or currency,  an increase in  the market price
could result in  the exercise of  the call option  written by the  Fund and  the
realization  of a loss on the  underlying security or currency. Accordingly, the
Fund could purchase a call option  on the same underlying security or  currency,
which  could be exercised  to fulfill the Fund's  delivery obligations under its
written call (if it is exercised). This  strategy could allow the Fund to  avoid
selling  the portfolio security or currency at  a time when it has an unrealized
loss; however, the Fund would have to pay a premium to purchase the call  option
plus transaction costs.
 
Aggregate  premiums paid  for put  and call  options will  not exceed  5% of the
Fund's total assets at the time of purchase.
 
The Fund may attempt to accomplish objectives similar to those involved in using
Forward Contracts by purchasing put or call options on currencies. A put  option
gives  the  Fund as  purchaser  the right  (but not  the  obligation) to  sell a
specified amount of currency at the  exercise price at any time until  (American
style)  or on (European style) the expiration date. A call option gives the Fund
as purchaser the right (but not  the obligation) to purchase a specified  amount
of  currency at  the exercise  price at  any time  until (American  style) or on
(European style) the  expiration date. The  Fund might purchase  a currency  put
option,  for example, to protect itself against a decline in the dollar value of
a currency  in  which  it  holds  or  anticipates  holding  securities.  If  the
currency's  value should decline against the  dollar, the loss in currency value
should be offset, in whole or in part,  by an increase in the value of the  put.
If the value of the currency instead should rise against the dollar, any gain to
the  Fund would  be reduced by  the premium  it had paid  for the  put option. A
currency call option might be purchased, for example, in anticipation of, or  to
protect  against, a rise in the value against  the dollar of a currency in which
the Fund anticipates purchasing securities.
 
                   Statement of Additional Information Page 7
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
 
Options may  be either  listed  on an  exchange  or traded  in  over-the-counter
("OTC")  Markets. Listed options are third-party contracts (I.E., performance of
the obligations of  the purchaser and  seller is guaranteed  by the exchange  or
clearing corporation), and have standardized strike prices and expiration dates.
OTC options are two-party contracts with negotiated strike prices and expiration
dates.  The Fund will not  purchase an OTC option  unless it believes that daily
valuations for  such options  are readily  obtainable. OTC  options differ  from
exchange-traded options in that OTC options are transacted with dealers directly
and   not  through  a  clearing   corporation  (which  guarantees  performance).
Consequently, there  is  a risk  of  non-performance  by the  dealer.  Since  no
exchange  is involved, OTC options are valued on  the basis of an average of the
last bid prices obtained from dealers,  unless a quotation from only one  dealer
is  available, in which case only that dealer's  price will be used. In the case
of OTC options, there can  be no assurance that  a liquid secondary market  will
exist for any particular option at any specific time.
 
The  staff of the Securities and Exchange Commission ("SEC") considers purchased
OTC options to be illiquid securities. The  Fund may also sell OTC options  and,
in  connection therewith, segregate assets or cover its obligations with respect
to OTC options written  by the Fund.  The assets used as  cover for OTC  options
written  by the Fund will be considered illiquid unless the OTC options are sold
to qualified dealers who agree  that the Fund may  repurchase any OTC option  it
writes  at a maximum price to be calculated by a formula set forth in the option
agreement. The cover for an OTC  option written subject to this procedure  would
be  considered illiquid  only to  the extent  that the  maximum repurchase price
under the formula exceeds the intrinsic value of the option.
 
The Fund's  ability to  establish  and close  out positions  in  exchange-listed
options  depends  on the  existence  of a  liquid  market. The  Fund  intends to
purchase or write only those exchange-traded options for which there appears  to
be  a liquid secondary  market. However, there  can be no  assurance that such a
market will exist at any particular  time. Closing transactions can be made  for
OTC  options  only  by  negotiating  directly with  the  contra  party  or  by a
transaction in the secondary market if any such market exists. Although the Fund
will enter into OTC  options only with  contra parties that  are expected to  be
capable  of  entering  into closing  transactions  with  the Fund,  there  is no
assurance that the Fund will in fact be able to close out an OTC option position
at a favorable price  prior to expiration.  In the extent  of insolvency of  the
contra  party, the Fund might  be unable to close out  an OTC option position at
any time prior to its expiration.
 
INDEX OPTIONS
Puts and calls on indices are similar to puts and calls on securities or futures
contracts except that all settlements  are in cash and  gain or loss depends  on
changes  in the index in question (and thus on price movements in the securities
market or a particular market sector  generally) rather than on price  movements
in individual securities or futures contracts. When the Fund writes a call on an
index,  it receives a premium and agrees that, prior to the expiration date, the
purchaser of the call, upon exercise of the call, will receive from the Fund  an
amount of cash if the closing level of the index upon which the call is based is
greater  than the exercise price of the call. The amount of cash is equal to the
difference between the closing price of the index and the exercise price of  the
call  times a specified multiple (the  "multiplier"), which determines the total
dollar value for each point of such difference. When the Fund buys a call on  an
index,  it  pays a  premium and  has the  same rights  as to  such calls  as are
indicated above. When the Fund buys a put on an index, it pays a premium and has
the right, prior to the expiration date, to require the seller of the put,  upon
the  Fund's exercise of the put, to deliver to the Fund an amount of cash if the
closing level of the index upon which the put is based is less than the exercise
price of the  put, which  amount of  cash is  determined by  the multiplier,  as
described above for calls. When the Fund writes a put on an index, it receives a
premium  and  the purchaser  has the  right,  prior to  the expiration  date, to
require the Fund  to deliver to  it an amount  of cash equal  to the  difference
between  the  closing  level of  the  index  and the  exercise  price  times the
multiplier, if the closing level is less than the exercise price.
 
The risks  of  investment  in index  options  may  be greater  than  options  on
securities. Because index options are settled in cash, when a Fund writes a call
on  an  index  it  cannot  provide  in  advance  for  its  potential  settlement
obligations by acquiring  and holding  the underlying securities.  The Fund  can
offset  some of the  risk of writing a  call index option  position by holding a
diversified portfolio of  securities similar  to those on  which the  underlying
index  is based. However,  the Fund cannot,  as a practical  matter, acquire and
hold a portfolio containing  exactly the same securities  as underlie the  index
and,  as a result, bears a risk that  the value of the securities held will vary
from the value of the index.
 
Even if the Fund could assemble  a securities portfolio that exactly  reproduced
the  composition of the  underlying index, it  still would not  be fully covered
from a risk standpoint  because of the "timing  risk" inherent in writing  index
options.  When an index option is exercised,  the amount of cash that the holder
is entitled to  receive is  determined by  the difference  between the  exercise
price  and the closing index level on the  date when the option is exercised. As
with other kinds of options, the Fund as  the call writer will not know that  it
has  been assigned  until the next  business day  at the earliest.  The time lag
between exercise and  notice of assignment  poses no  risk for the  writer of  a
covered call on a specific underlying
 
                   Statement of Additional Information Page 8
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
security,  such as  common stock,  because there  the writer's  obligation is to
deliver the underlying security, not to pay its value as of a fixed time in  the
past. So long as the writer already owns the underlying security, it can satisfy
its  settlement obligations by simply delivering it, and the risk that its value
may have declined since the exercise date is borne by the exercising holder.  In
contrast,  even if  the writer  of an index  call holds  securities that exactly
match the composition of the  underlying index, it will  not be able to  satisfy
its assignment obligations by delivering those securities against payment of the
exercise  price. Instead, it will be required to  pay cash in an amount based on
the closing index value on the exercise date; and by the time it learns that  it
has  been assigned, the index may have declined, with a corresponding decline in
the value  of  its securities  portfolio.  This  "timing risk"  is  an  inherent
limitation  on the ability of index call writers to cover their risk exposure by
holding securities positions.
 
If the Fund purchases an index option and exercises it before the closing  index
value  for  that day  is  available, it  runs  the risk  that  the level  of the
underlying index may subsequently change. If such a change causes the  exercised
option to fall out-of-the-money, the Fund will be required to pay the difference
between  the closing index value and the exercise price of the option (times the
applicable multiplier) to the assigned writer.
 
INTEREST RATE, CURRENCY AND STOCK INDEX FUTURES CONTRACTS
The Fund may  enter into interest  rate or currency  futures contracts, and  may
enter  into stock index  futures contracts (collectively,  "Futures" or "Futures
Contracts"), as a hedge against changes in prevailing levels of interest  rates,
currency  exchange rates or  stock prices in order  to establish more definitely
the effective return on securities or currencies held or intended to be acquired
by the  Fund. The  Fund's hedging  may include  sales of  Futures as  an  offset
against  the effect  of expected  increases in  interest rates  and decreases in
currency exchange rates or stock prices,  and purchases of Futures as an  offset
against  the effect  of expected  declines in  interest rates,  and increases in
currency exchange rates or stock prices.
 
The Fund  only will  enter into  Futures Contracts  that are  traded on  futures
exchanges  and are  standardized as  to maturity  date and  underlying financial
instrument. Futures  exchanges and  trading  thereon in  the United  States  are
regulated  under the  Commodity Exchange  Act by  the Commodity  Futures Trading
Commission ("CFTC"). Futures are exchanged in London at the London International
Financial Futures Exchange.
 
Although techniques other than sales and purchases of Futures Contracts could be
used to reduce the Fund's exposure to interest rate, currency exchange rate  and
stock  market fluctuations,  the Fund  may be  able to  hedge its  exposure more
effectively and at a lower cost through using Futures Contracts.
 
A Futures Contract provides  for the future  sale by one  party and purchase  by
another party of a specified amount of a specific financial instrument (security
or currency) for a specified price at a designated date, time and place. A stock
index Futures Contract provides for the delivery, at a designated date, time and
place,  of  an amount  of  cash equal  to a  specified  dollar amount  times the
difference between the stock index value at the close of trading on the contract
and the price at  which the Futures Contract  is originally struck; no  physical
delivery  of stocks  comprising the index  is made. Brokerage  fees are incurred
when a  Futures  Contract  is  bought  or sold,  and  margin  deposits  must  be
maintained at all times the Futures Contract is outstanding.
 
Although  Futures Contracts typically require future delivery of and payment for
financial instruments or  currencies, Futures Contracts  usually are closed  out
before  the delivery date. Closing out an open Futures Contract sale or purchase
is effected by entering  into an offsetting Futures  Contract purchase or  sale,
respectively,   for  the  same  aggregate  amount  of  the  identical  financial
instrument or currency and  the same delivery date.  If the offsetting  purchase
price  is less than the original sale price,  the Fund realizes a gain; if it is
more, the Fund realizes a loss. Conversely, if the offsetting sale price is more
than the original purchase price, the Fund  realizes a gain; if it is less,  the
Fund  realizes a  loss. The  transaction costs  also must  be included  in these
calculations. There can be no assurance, however, that the Fund will be able  to
enter  into  an  offsetting transaction  with  respect to  a  particular Futures
Contract at  a particular  time.  If the  Fund  is not  able  to enter  into  an
offsetting  transaction, the Fund  will continue to be  required to maintain the
margin deposits on the Futures Contract.
 
As an example of an offsetting transaction, the contractual obligations  arising
from  the sale of one Futures Contract of September Deutschemarks on an exchange
may be  fulfilled at  any time  before delivery  under the  Futures Contract  is
required  (I.E., on a specified date in  September, the "delivery month") by the
purchase of  another Futures  Contract of  September Deutschemarks  on the  same
exchange. In such instance the difference between the price at which the Futures
Contract  was  sold  and  the  price paid  for  the  offsetting  purchase, after
allowance for transaction costs, represents the profit or loss to the Fund.
 
The Fund's Futures transactions will be entered into for hedging purposes  only;
that  is, Futures  Contracts will be  sold to  protect against a  decline in the
price of securities or currencies that the Fund owns, or Futures Contracts  will
be purchased
 
                   Statement of Additional Information Page 9
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
to protect the Fund against an increase in the price of securities or currencies
it has committed to purchase or expects to purchase.
 
"Margin"  with respect to Futures Contracts is  the amount of funds that must be
deposited by the Fund in order to  initiate Futures trading and to maintain  the
Fund's  open  positions in  Futures Contracts.  A margin  deposit made  when the
Futures Contract is entered  into ("initial margin") is  intended to assure  the
Fund's  performance  under  the  Futures Contract.  The  margin  required  for a
particular Futures Contract is set by the exchange on which the Futures Contract
is traded, and may be modified significantly  from time to time by the  exchange
during the term of the Futures Contract.
 
Subsequent  payments,  called  "variation  margin,"  to  and  from  the  futures
commission merchant through  which the  Fund entered into  the Futures  Contract
will  be made on a daily basis as the price of the underlying security, currency
or index fluctuates making the Futures Contract more or less valuable, a process
known as marking-to-market.
 
    RISKS OF  USING  FUTURES CONTRACTS.  The  prices of  Futures  Contracts  are
volatile  and  are influenced,  among other  things,  by actual  and anticipated
changes in  interest rates  and currency  exchange rates,  and in  stock  market
movements,  which  in turn  are  affected by  fiscal  and monetary  policies and
national and international political and economic events.
 
There is a risk  of imperfect correlation between  changes in prices of  Futures
Contracts  and prices  of the securities  or currencies in  the Fund's portfolio
being  hedged.  The   degree  of  imperfection   of  correlation  depends   upon
circumstances  such as: variations in speculative  market demand for Futures and
for securities or currencies, including technical influences in Futures trading;
and  differences  between  the  financial  instruments  being  hedged  and   the
instruments  underlying the standard Futures  Contracts available for trading. A
decision of whether,  when, and how  to hedge involves  skill and judgment,  and
even  a  well-conceived hedge  may  be unsuccessful  to  some degree  because of
unexpected market behavior or interest or currency rate trends.
 
Because of  the  low  margin  deposits required,  Futures  trading  involves  an
extremely  high  degree  of leverage.  As  a  result, a  relatively  small price
movement in a Futures Contract may result in immediate and substantial loss,  as
well  as gain, to the investor. For example,  if at the time of purchase, 10% of
the value  of the  Futures Contract  is deposited  as margin,  a subsequent  10%
decrease  in the value of  the Futures Contract would result  in a total loss of
the margin  deposit, before  any deduction  for the  transaction costs,  if  the
account  were then closed  out. A 15% decrease  would result in  a loss equal to
150% of the original  margin deposit, if the  Futures Contract were closed  out.
Thus, a purchase or sale of a Futures Contract may result in losses in excess of
the amount invested in the Futures Contract.
 
Most U.S. Futures exchanges limit the amount of fluctuation permitted in Futures
Contract and options on Futures Contract prices during a single trading day. The
daily  limit establishes the maximum amount that the price of a Futures Contract
or option may vary either up or down from the previous day's settlement price at
the end  of a  trading session.  Once  the daily  limit has  been reached  in  a
particular type of Futures Contract or option, no trades may be made on that day
at a price beyond that limit. The daily limit governs only price movement during
a  particular trading day and therefore does not limit potential losses, because
the limit may prevent the liquidation of unfavorable positions. Futures Contract
and option  prices  occasionally have  moved  to  the daily  limit  for  several
consecutive  trading days with  little or no  trading, thereby preventing prompt
liquidation of positions and subjecting some traders to substantial losses.
 
If the Fund were unable to liquidate a Futures or option on Futures position due
to the absence of a liquid secondary  market or the imposition of price  limits,
it  could incur  substantial losses.  The Fund would  continue to  be subject to
market risk with respect  to the position.  In addition, except  in the case  of
purchased  options,  the  Fund  would  continue to  be  required  to  make daily
variation margin payments and might be  required to maintain the position  being
hedged by the Future or option or to maintain cash or securities in a segregated
account.
 
Certain  characteristics  of the  Futures market  might  increase the  risk that
movements in the  prices of Futures  Contracts or options  on Futures might  not
correlate  perfectly  with  movements in  the  prices of  the  investments being
hedged. For example,  all participants  in the  Futures and  options on  Futures
markets  are subject to daily  variation margin calls and  might be compelled to
liquidate Futures  or  options on  Futures  positions whose  prices  are  moving
unfavorably  to avoid being  subject to further  calls. These liquidations could
increase price  volatility  of the  instruments  and distort  the  normal  price
relationship  between the Futures  or options and  the investments being hedged.
Also, because initial margin deposit requirements in the Futures market are less
onerous than  margin requirements  in  the securities  markets, there  might  be
increased   participation   by  speculators   in   the  Futures   markets.  This
participation  also  might  cause  temporary  price  distortions.  In  addition,
activities of large traders in both the Futures and securities markets involving
arbitrage,  "program trading"  and other  investment strategies  might result in
temporary price distortions.
 
                  Statement of Additional Information Page 10
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
 
OPTIONS ON FUTURES CONTRACTS
Options on Futures Contracts are similar to options on securities or  currencies
except that options on Futures Contracts give the purchaser the right, in return
for  the  premium paid,  to  assume a  position in  a  Futures Contract  (a long
position if the option is a call and a short position if the option is a put) at
a specified exercise price  at any time  during the period  of the option.  Upon
exercise  of the option, the  delivery of the Futures  position by the writer of
the option to the holder  of the option will be  accompanied by delivery of  the
accumulated balance in the writer's Futures margin account, which represents the
amount  by which the market price of  the Futures Contract, at exercise, exceeds
(in the case of  a call) or  is less than (in  the case of  a put) the  exercise
price  of the option on  the Futures Contract. If an  option is exercised on the
last trading day prior to the expiration date of the option, the settlement will
be made entirely in cash equal to  the difference between the exercise price  of
the  option and the  closing level of  the securities, currencies  or index upon
which the  Futures Contract  is  based on  the  expiration date.  Purchasers  of
options  who fail to exercise their options  prior to the exercise date suffer a
loss of the premium paid.
 
The purchase of  call options  on Futures  can serve as  a long  hedge, and  the
purchase  of put  options on Futures  can serve  as a short  hedge. Writing call
options on Futures can serve as a  limited short hedge, and writing put  options
on  Futures can serve as a limited long  hedge, using a strategy similar to that
used for writing options on securities, foreign currencies or indices.
 
If the Fund  writes an  option on  a Futures Contract,  it will  be required  to
deposit  initial and variation margin pursuant  to requirements similar to those
applicable to Futures Contracts. Premiums received from the writing of an option
on a Futures Contract are included in the initial margin deposit.
 
The Fund may seek to close out an option position by selling an option  covering
the  same Futures  Contract and  having the  same exercise  price and expiration
date. The  ability to  establish and  close  out positions  on such  options  is
subject to the maintenance of a liquid secondary market.
 
LIMITATIONS  ON  USE  OF FUTURES,  OPTIONS  ON  FUTURES AND  CERTAIN  OPTIONS ON
CURRENCIES
To the extent that  the Fund enters into  Futures Contracts, options on  Futures
Contracts,  and  options  on  foreign  currencies  traded  on  a  CFTC-regulated
exchange, in each case other than for BONA FIDE hedging purposes (as defined  by
the CFTC), the aggregate initial margin and premiums required to establish those
positions  (excluding the amount  by which options  are "in-the-money") will not
exceed 5% of the  liquidation value of the  Fund's portfolio, after taking  into
account  unrealized profits and unrealized losses  on any contracts the Fund has
entered into. In general, a call option on a Futures Contract is  "in-the-money"
if  the  value of  the  underlying Futures  Contract  exceeds the  strike, I.E.,
exercise,  price  of  the  call;  a   put  option  on  a  futures  contract   is
"in-the-money"  if the value  of the underlying Futures  Contract is exceeded by
the strike price of  the put. This  guideline may be  modified by the  Company's
Board  of Directors without  a shareholder vote. This  limitation does not limit
the percentage of the Fund's assets at risk to 5%.
 
FORWARD CONTRACTS
A Forward Contract is an obligation, usually arranged with a commercial bank  or
other  currency dealer, to purchase or  sell a currency against another currency
at a future date and  price as agreed upon by  the parties. The Fund either  may
accept or make delivery of the currency at the maturity of the Forward Contract.
The  Fund may also, if its contra party  agrees, prior to maturity, enter into a
closing transaction involving the purchase or sale of an offsetting contract.
 
The Fund engages  in forward  currency transactions  in anticipation  of, or  to
protect  itself against, fluctuations  in exchange rates. The  Fund might sell a
particular  foreign  currency  forward,  for   example,  when  it  holds   bonds
denominated  in a  foreign currency but  anticipates, and seeks  to be protected
against, a decline in the currency against the U.S. dollar. Similarly, the  Fund
might  sell the  U.S. dollar  forward when  it holds  bonds denominated  in U.S.
dollars but anticipates,  and seeks to  be protected against,  a decline in  the
U.S.  dollar relative  to other currencies.  Further, the Fund  might purchase a
currency forward  to "lock  in"  the price  of  securities denominated  in  that
currency that it anticipates purchasing.
 
Forward  Contracts are traded in the interbank market conducted directly between
currency traders (usually large commercial banks) and their customers. A Forward
Contract generally has no deposit requirement and no commissions are charged  at
any stage for trades. The Fund will enter into such Forward Contracts with major
U.S.  or foreign banks and securities or currency dealers in accordance with the
guidelines approved by the Company's Board of Directors.
 
The Fund  may enter  into  Forward Contracts  either  with respect  to  specific
transactions  or with  respect to  the Fund's  portfolio positions.  The precise
matching of the Forward  Contract amounts and the  value of specific  securities
generally  will not be possible  because the future value  of such securities in
foreign currencies will change as a consequence of market movements in the value
of those securities between  the date the Forward  Contract is entered into  and
the date it matures.
 
                  Statement of Additional Information Page 11
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
Accordingly,  it may  be necessary for  the Fund to  purchase additional foreign
currency on the spot (I.E., cash) market (and bear the expense of such purchase)
if the market value of the security is less than the amount of foreign  currency
the  Fund is obligated to deliver and if a decision is made to sell the security
and make delivery of  the foreign currency. Conversely,  it may be necessary  to
sell  on the spot market  some of the foreign currency  the Fund is obligated to
deliver. The projection  of short-term  currency market  movements is  extremely
difficult,  and the  successful execution  of a  short-term hedging  strategy is
highly uncertain. Forward Contracts involve  the risk that anticipated  currency
movements  will not be predicted accurately,  causing the Fund to sustain losses
on these contracts and transaction costs.
 
At or before the  maturity of a  Forward Contract requiring the  Fund to sell  a
currency,  the  Fund either  may  sell a  portfolio  security and  use  the sale
proceeds to make delivery of the currency or retain the security and offset  its
contractual  obligation to deliver the currency  by purchasing a second contract
pursuant to which  the Fund will  obtain, on  the same maturity  date, the  same
amount  of the currency that it is obligated to deliver. Similarly, the Fund may
close out a Forward  Contract requiring it to  purchase a specified currency  by
entering  into a second  contract, if its  contra party agrees,  entitling it to
sell the same  amount of the  same currency on  the maturity date  of the  first
contract.  The Fund would  realize a gain or  loss as a  result of entering into
such an offsetting Forward Contract under either circumstance to the extent  the
exchange  rate  or  rates  between the  currencies  involved  moved  between the
execution dates of the first contract and the offsetting contract.
 
The cost to the Fund of engaging  in Forward Contracts varies with factors  such
as  the currencies involved,  the length of  the contract period  and the market
conditions then prevailing. Because Forward  Contracts usually are entered  into
on  a principal basis, no  fees or commissions are  involved. The use of Forward
Contracts does  not  eliminate fluctuations  in  the prices  of  the  underlying
securities  the Fund owns or intends to acquire, but it does establish a rate of
exchange in advance. In addition, while Forward Contract sales limit the risk of
loss due to a decline in the value of the hedged currencies, they also limit any
potential gain that might result should the value of the currencies increase.
 
FOREIGN CURRENCY STRATEGIES -- SPECIAL CONSIDERATIONS
The Fund may use options on  foreign currencies, Futures on foreign  currencies,
options  on Futures on foreign currencies and Forward Contracts to hedge against
movements in the values of the foreign currencies in which the Fund's securities
are denominated. Such currency hedges can  protect against price movements in  a
security  that the  Fund owns  or intends  to acquire  that are  attributable to
changes in the value of the currency in which it is denominated. Such hedges  do
not,  however,  protect  against  price movements  in  the  securities  that are
attributable to other causes.
 
The Fund  might seek  to hedge  against changes  in the  value of  a  particular
currency  when no  Futures Contract, Forward  Contract or  option involving that
currency is available or  one of such contracts  is more expensive than  certain
other  contracts. In such cases,  the Fund may hedge  against price movements in
that currency  by entering  into a  contract on  another currency  or basket  of
currencies,  the values of  which the Sub-adviser believes  will have a positive
correlation to the value of the  currency being hedged. The risk that  movements
in  the price of the contract will not correlate perfectly with movements in the
price of the currency being hedged is magnified when this strategy is used.
 
The value of Futures Contracts, options on Futures Contracts, Forward  Contracts
and  options  on  foreign currencies  depends  on  the value  of  the underlying
currency relative  to the  U.S. dollar.  Because foreign  currency  transactions
occurring  in the  interbank market  might involve  substantially larger amounts
than those  involved in  the  use of  Futures  Contracts, Forward  Contracts  or
options,  a  Fund  could be  disadvantaged  by  dealing in  the  odd  lot market
(generally  consisting  of  transactions  of  less  than  $1  million)  for  the
underlying  foreign currencies at prices that  are less favorable than for round
lots.
 
There is no systematic reporting of last sale information for foreign currencies
or any  regulatory requirements  that quotations  available through  dealers  or
other market sources be firm or revised on a timely basis. Quotation information
generally  is representative of very large  transactions in the interbank market
and thus  might not  reflect  odd-lot transactions  where  rates might  be  less
favorable.   The   interbank  market   in  foreign   currencies  is   a  global,
round-the-clock market. To the  extent the U.S. options  or Futures markets  are
closed  while the markets for the underlying currencies remain open, significant
price and rate movements might take place in the underlying markets that  cannot
be  reflected in  the markets  for the Futures  contracts or  options until they
reopen.
 
Settlement of Futures Contracts, Forward Contracts and options involving foreign
currencies might  be required  to  take place  within  the country  issuing  the
underlying currency. Thus, the Fund might be required to accept or make delivery
of  the  underlying foreign  currency  in accordance  with  any U.S.  or foreign
regulations regarding the  maintenance of foreign  banking arrangements by  U.S.
residents  and might be required  to pay any fees,  taxes and charges associated
with such delivery assessed in the issuing country.
 
                  Statement of Additional Information Page 12
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
 
COVER
Transactions using Forward Contracts, Futures Contracts and options (other  than
options  purchased by  the Fund)  expose the  Fund to  an obligation  to another
party. The Fund will not enter into any such transactions unless it owns  either
(1)  an  offsetting ("covered")  position  in securities,  currencies,  or other
options, Forward Contracts or  Futures Contracts, or  (2) cash, receivables  and
short-term  debt securities with  a value sufficient  at all times  to cover its
potential obligations not covered as provided in (1) above. The Fund will comply
with SEC guidelines regarding cover for these instruments and, if the guidelines
so require, set aside cash or liquid securities.
 
Assets used as cover or  held in a segregated account  cannot be sold while  the
position  in the corresponding  Forward Contract, Futures  Contract or option is
open, unless they are replaced with other appropriate assets. If a large portion
of the Fund's assets are used for cover or otherwise set aside, it could  affect
portfolio  management or the Fund's ability to meet redemption requests or other
current obligations.
 
- --------------------------------------------------------------------------------
 
                                  RISK FACTORS
 
- --------------------------------------------------------------------------------
 
ILLIQUID SECURITIES
The Fund  may  invest up  to  15% of  its  net assets  in  illiquid  securities.
Securities  may  be considered  illiquid if  the  Fund cannot  reasonably expect
within seven days to sell the  securities for approximately the amount at  which
the Fund values such securities. The sale of illiquid securities, if they can be
sold  at all, generally  will require more  time and result  in higher brokerage
charges or dealer discounts and other  selling expenses than the sale of  liquid
securities, such as securities eligible for trading on U.S. securities exchanges
or in the over-the-counter markets. Moreover, restricted securities which may be
illiquid  for purposes  of this limitation,  often sell,  if at all,  at a price
lower than similar securities that are not subject to restrictions on resale.
 
Illiquid securities include those that are subject to restrictions contained  in
the  securities laws  of other  countries. However,  securities that  are freely
marketable in the country  where they are principally  traded, but would not  be
freely  marketable in the United States,  will not be considered illiquid. Where
registration is required, the Fund  may be obligated to pay  all or part of  the
registration  expenses and a considerable period  may elapse between the time of
the decision to sell and the time the  Fund may be permitted to sell a  security
under  an effective  registration statement. If,  during such  a period, adverse
market conditions were to develop, the Fund might obtain a less favorable  price
than prevailed when it decided to sell.
 
Not   all  restricted  securities   are  illiquid.  In   recent  years  a  large
institutional  market  has  developed  for  certain  securities  that  are   not
registered  under the Securities Act of 1933, as amended ("1933 Act"), including
private placements, repurchase agreements, commercial paper, foreign  securities
and corporate bonds and notes. These instruments are often restricted securities
because  the  securities are  sold in  transactions not  requiring registration.
Institutional investors generally will not seek to sell these instruments to the
general  public,  but  instead  will   often  depend  either  on  an   efficient
institutional market in which such unregistered securities can be readily resold
or  on an issuer's ability to honor  a demand for repayment. Therefore, the fact
that there are contractual or legal restrictions on resale to the general public
or certain institutions is not dispositive of the liquidity of such investments.
 
Rule 144A under the 1933 Act  establishes a "safe harbor" from the  registration
requirements  of the  1933 Act  for resales  of certain  securities to qualified
institutional buyers.  Institutional  markets  for  restricted  securities  have
developed  as a result of Rule 144A, providing both readily ascertainable values
for restricted securities and the ability to liquidate an investment to  satisfy
share redemption orders. Such markets include automated systems for the trading,
clearance  and  settlement of  unregistered securities  of domestic  and foreign
issuers, such as  the PORTAL  System sponsored  by the  National Association  of
Securities  Dealers,  Inc.  An insufficient  number  of  qualified institutional
buyers interested in purchasing Rule 144A-eligible restricted securities held by
a Fund,  however, could  affect adversely  the marketability  of such  portfolio
securities  and the Fund might be unable  to dispose of such securities promptly
or at favorable prices.
 
With respect  to  liquidity determinations  generally,  the Company's  Board  of
Directors  has  the  ultimate responsibility  for  determining  whether specific
securities, including restricted securities pursuant to Rule 144A under the 1933
Act, are liquid  or illiquid.  The Board has  delegated the  function of  making
day-to-day determinations of liquidity to the Sub-
 
                  Statement of Additional Information Page 13
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
adviser  in  accordance  with  procedures approved  by  the  Company's  Board of
Trustees. The Sub-adviser  takes into account  a number of  factors in  reaching
liquidity decisions, including, but not limited to: (i) the frequency of trading
in  the security; (ii) the  number of dealers who  make quotes for the security;
(iii) the  number  of dealers  who  have undertaken  to  make a  market  in  the
security;  (iv) the number of other potential  purchasers; and (v) the nature of
the security and  how trading is  effected (e.g.,  the time needed  to sell  the
security,  how  offers  are  solicited  and  the  mechanics  of  transfer).  The
Sub-adviser monitors the  liquidity of  securities in the  Fund's portfolio  and
periodically  reports  on  such decisions  to  the  Board of  Directors.  If the
liquidity percentage  restriction  of the  Fund  is  satisfied at  the  time  of
investment,  a later increase  in the percentage of  illiquid securities held by
the Fund resulting from a change in market value or assets will not constitute a
violation of that restriction.  If as a  result of a change  in market value  or
assets,  the percentage of illiquid securities  held by the Fund increases above
the applicable limit, the Sub-adviser will  take appropriate steps to bring  the
aggregate  amount of illiquid  assets back within  the prescribed limitations as
soon  as  reasonably  practicable,  taking  into  account  the  effect  of   any
disposition on the Fund.
 
FOREIGN SECURITIES
    POLITICAL,  SOCIAL AND ECONOMIC  RISKS. Investing in  securities of non-U.S.
companies may entail additional risks due to the potential political, social and
economic instability  of  certain  countries and  the  risks  of  expropriation,
nationalization,  confiscation  or  the imposition  of  restrictions  on foreign
investment, convertibility of currencies into  U.S. dollars and on  repatriation
of  capital invested.  In the  event of  such expropriation,  nationalization or
other confiscation by any country, the Fund could lose its entire investment  in
any such country.
 
    RELIGIOUS  AND ETHNIC INSTABILITY.  Certain countries in  which the Fund may
invest  may  have  groups  that  advocate  radical  religious  or  revolutionary
philosophies or support ethnic independence. Any disturbance on the part of such
individuals could carry the potential for widespread destruction or confiscation
of  property owned by individuals and entities foreign to such country and could
cause the loss of the Fund's investment in those countries. Instability may also
result from,  among  other things:  (i)  authoritarian governments  or  military
involvement  in  political and  economic  decision-making, including  changes in
government through extra-constitutional  means; (ii)  popular unrest  associated
with  demands for improved political, economic  and social conditions; and (iii)
hostile relations with  neighboring or other  countries. Such political,  social
and  economic instability could disrupt the principal financial markets in which
the Fund invests and adversely affect the value of the Fund's assets.
 
    FOREIGN  INVESTMENT  RESTRICTIONS.  Certain  countries  prohibit  or  impose
substantial  restrictions on investments in  their capital markets, particularly
their equity markets, by foreign entities  such as the Fund. These  restrictions
or  controls may at times limit or preclude investment in certain securities and
may increase the cost and expenses  of the Fund. For example, certain  countries
require prior governmental approval before investments by foreign persons may be
made,  or may limit the amount of  investment by foreign persons in a particular
company, or limit the investment by foreign persons to only a specific class  of
securities of a company that may have less advantageous terms than securities of
the company available for purchase by nationals. Moreover, the national policies
of  certain  countries  may  restrict  investment  opportunities  in  issuers or
industries deemed sensitive to national  interests. In addition, some  countries
require governmental approval for the repatriation of investment income, capital
or  the proceeds of securities sales by foreign investors. In addition, if there
is a deterioration in a  country's balance of payments  or for other reasons,  a
country  may impose restrictions on foreign capital remittances abroad. The Fund
could be adversely affected by  delays in, or a  refusal to grant, any  required
governmental  approval for repatriation, as well as  by the application to it of
other restrictions on investments.
 
    NON-UNIFORM CORPORATE DISCLOSURE STANDARDS AND GOVERNMENTAL
REGULATION. Foreign companies are subject to accounting, auditing and  financial
standards  and requirements that  differ in some  cases significantly from those
applicable to U.S. companies. In particular, the assets, liabilities and profits
appearing on the  financial statements  of such a  company may  not reflect  its
financial  position or results of operations in  the way they would be reflected
had such financial statements  been prepared in  accordance with U.S.  generally
accepted  accounting principles. Most of the foreign securities held by the Fund
will not be registered with  the SEC or regulators  of any foreign country,  nor
will  the issuers thereof be subject  to the SEC's reporting requirements. Thus,
there will  be less  available information  concerning most  foreign issuers  of
securities  held  by the  Fund  than is  available  concerning U.S.  issuers. In
instances where the financial statements of an issuer are not deemed to  reflect
accurately  the financial  situation of  the issuer,  the Sub-adviser  will take
appropriate steps to evaluate the proposed investment, which may include on-site
inspection of the issuer, interviews with its management and consultations  with
accountants, bankers and other specialists. There is substantially less publicly
available information about foreign companies than there are reports and ratings
published  about  U.S. companies  and the  U.S.  Government. In  addition, where
public information is available, it may  be less reliable than such  information
regarding  U.S.  issuers. Issuers  of  securities in  foreign  jurisdictions are
generally not  subject to  the same  degree of  regulation as  are U.S.  issuers
 
                  Statement of Additional Information Page 14
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
with  respect to  such matters as  restrictions on  market manipulation, insider
trading  rules,  shareholder  proxy   requirements  and  timely  disclosure   of
information.
 
    CURRENCY  FLUCTUATIONS. Because  the Fund, under  normal circumstances, will
invest a substantial portion  of its total assets  in the securities of  foreign
issuers which are denominated in foreign currencies, the strength or weakness of
the  U.S. dollar against  such foreign currencies  will account for  part of the
Fund's investment performance. A decline in the value of any particular currency
against the U.S. dollar  will cause a  decline in the U.S.  dollar value of  the
Fund's  holdings  of  securities  and cash  denominated  in  such  currency and,
therefore, will cause an overall decline in  the Fund's net asset value and  any
net  investment  income and  capital gains  derived from  such securities  to be
distributed in U.S. dollars to shareholders of the Fund. Moreover, if the  value
of  the foreign currencies in which the  Fund receives its income falls relative
to the  U.S.  dollar between  receipt  of the  income  and the  making  of  Fund
distributions, the Fund may be required to liquidate securities in order to make
distributions  if  the Fund  has  insufficient cash  in  U. S.  dollars  to meet
distribution requirements.
 
The rate of exchange between the U.S. dollar and other currencies is  determined
by  several factors including  the supply and  demand for particular currencies,
central bank efforts to support particular currencies, the movement of  interest
rates and the pace of business activity in certain other countries and the U.S.,
and other economic and financial conditions affecting the world economy.
 
Although  the Fund values  its assets daily  in terms of  U.S. dollars, the Fund
does not intend to convert its holdings of foreign currencies into U.S.  dollars
on a daily basis. The Fund will do so from time to time, and investors should be
aware  of the costs of currency conversion. Although foreign exchange dealers do
not charge  a  fee  for conversion,  they  do  realize a  profit  based  on  the
difference  ("spread") between the  prices at which they  are buying and selling
various currencies. Thus, a dealer may offer  to sell a foreign currency to  the
Fund  at one  rate, while  offering a  lesser rate  of exchange  should the Fund
desire to sell that currency to the dealer.
 
    ADVERSE MARKET CHARACTERISTICS.  Securities of many  foreign issuers may  be
less  liquid and their  prices more volatile than  securities of comparable U.S.
issuers. In  addition,  foreign securities  markets  and brokers  generally  are
subject  to less governmental  supervision and regulation than  in the U.S., and
foreign securities transactions usually are subject to fixed commissions,  which
generally  are  higher  than  negotiated commissions  on  U.S.  transactions. In
addition,  foreign  securities  transactions  may  be  subject  to  difficulties
associated  with the settlement of such transactions. Delays in settlement could
result in temporary periods when assets of the Fund are uninvested and no return
is earned thereon. The inability of the Fund to make intended security purchases
due  to  settlement   problems  could   cause  the  Fund   to  miss   attractive
opportunities.  Inability to dispose  of a portfolio  security due to settlement
problems either could result in losses to the Fund due to subsequent declines in
value of the portfolio security or, if  the Fund has entered into a contract  to
sell  the security,  could result  in possible  liability to  the purchaser. The
Sub-adviser will consider such difficulties  when determining the allocation  of
the  Fund's  assets,  although  the  Sub-adviser  does  not  believe  that  such
difficulties will have a material adverse effect on the Fund's portfolio trading
activities.
 
The Fund may  use foreign  custodians, which may  involve risks  in addition  to
those  related to the  use of U.S. custodians.  Such risks include uncertainties
relating to: (i) determining and  monitoring the financial strength,  reputation
and  standing of the foreign  custodian; (ii) maintaining appropriate safeguards
to protect the Funds' investments  and (iii) possible difficulties in  obtaining
and enforcing judgments against such custodians.
 
    WITHHOLDING TAXES. The Fund's net investment income from foreign issuers may
be  subject  to  withholding  taxes by  the  foreign  issuer's  country, thereby
reducing the Fund's  net investment  income or  delaying the  receipt of  income
where those taxes may be recaptured. See "Taxes."
 
    CONCENTRATION.  To the extent the Fund  invests a significant portion of its
assets in securities of issuers located in a particular country or region of the
world, it may be subject to greater risks and may experience greater  volatility
than a fund that is more broadly diversified geographically.
 
    SPECIAL  CONSIDERATIONS AFFECTING WESTERN  EUROPEAN COUNTRIES. The countries
that are members of the European Economic Community ("Common Market")  (Belgium,
Denmark,  France,  Germany,  Greece,  Ireland,  Italy,  Luxembourg, Netherlands,
Portugal, Spain, and the United  Kingdom) eliminated certain import tariffs  and
quotas  and  other trade  barriers with  respect  to one  another over  the past
several years. The  Sub-adviser believes that  this deregulation should  improve
the  prospects for  economic growth  in many  Western European  countries. Among
other things, the deregulation could  enable companies domiciled in one  country
to  avail  themselves  of lower  labor  costs  existing in  other  countries. In
addition, this deregulation could benefit companies domiciled in one country  by
opening  additional markets  for their  goods and  services in  other countries.
Since, however, it is not  clear what the exact form  or effect of these  Common
Market reforms
 
                  Statement of Additional Information Page 15
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
will be on business in Western Europe, it is impossible to predict the long-term
impact  of the implementation of  these programs on the  securities owned by the
Fund.
 
    SPECIAL CONSIDERATIONS  AFFECTING  RUSSIA AND  EASTERN  EUROPEAN  COUNTRIES.
Investing  in Russia  and Eastern European  countries involves a  high degree of
risk and special considerations not  typically associated with investing in  the
United  States securities markets, and  should be considered highly speculative.
Such risks include: (1)  delays in settling portfolio  transactions and risk  of
loss  arising out of the system of  share registration and custody; (2) the risk
that it may be impossible  or more difficult than  in other countries to  obtain
and/or  enforce a  judgement; (3) pervasiveness  of corruption and  crime in the
economic system; (4) currency exchange rate volatility and the lack of available
currency hedging instruments; (5) higher rates of inflation (including the  risk
of   social  unrest  associated  with   periods  of  hyper-inflation)  and  high
unemployment; (6) controls on foreign investment and local practices disfavoring
foreign investors and limitations on  repatriation of invested capital,  profits
and  dividends, and on  a fund's ability  to exchange local  currencies for U.S.
dollars; (7) political instability and social unrest and violence; (8) the  risk
that  the governments of Russia and Eastern European countries may decide not to
continue to support the economic reform programs implemented recently and  could
follow  radically different political and/or  economic policies to the detriment
of investors,  including non-market-oriented  policies such  as the  support  of
certain  industries at the expense of other sectors or investors, or a return to
the centrally planned economy that existed  when such countries had a  communist
form of government; (9) the financial condition of companies in these countries,
including large amounts of inter-company debt which may create a payments crisis
on a national scale; (10) dependency on exports and the corresponding importance
of  international trade; (11)  the risk that  the tax system  in these countries
will not  be reformed  to prevent  inconsistent, retroactive  and/or  exorbitant
taxation; and (12) the underdeveloped nature of the securities markets.
 
    SPECIAL CONSIDERATIONS AFFECTING JAPAN. Japan's economic growth has declined
significantly  since 1990. The general government position has deteriorated as a
result of weakening economic  growth and stimulative  measures taken to  support
economic  activity and to  restore financial stability.  Although the decline in
interest  rates  and  fiscal  stimulation   packages  have  helped  to   contain
recessionary  forces, uncertainties remain. Japan is also heavily dependent upon
international trade, so its  economy is especially  sensitive to trade  barriers
and  disputes.  Japan has  had difficult  relations  with its  trading partners,
particularly the United States, where the trade imbalance is the greatest. It is
possible that  trade sanctions  and other  protectionist measures  could  impact
Japan adversely in both the short and the long term.
 
The  common  stocks  of many  Japanese  companies trade  at  high price-earnings
ratios. Differences  in accounting  methods  make it  difficult to  compare  the
earnings  of  Japanese companies  with those  of  companies in  other countries,
especially in the  U.S. In  general, however, reported  net income  in Japan  is
understated  relative to  U.S. accounting standards  and this is  one reason why
price-earnings  ratios  of  the  stocks   of  Japanese  companies  have   tended
historically  to be  higher than  those for  U.S. stocks.  In addition, Japanese
companies have  tended to  have  higher growth  rates  than U.S.  companies  and
Japanese  interest rates  have generally  been lower than  in the  U.S., both of
which factors tend to result in  lower discount rates and higher  price-earnings
ratios in Japan than in the U.S.
 
The  Japanese securities  markets are  less regulated  than those  in the United
States. Evidence has emerged from time to time of distortion of market prices to
serve political or other purposes.  Shareholders' rights are not always  equally
enforced.  In addition, Japan's banking  industry is undergoing problems related
to bad loans and declining values in real estate.
 
    SPECIAL CONSIDERATIONS AFFECTING  PACIFIC REGION COUNTRIES.  Certain of  the
risks  associated with international investments  are heightened for investments
in Pacific region  countries. For  example, some  of the  currencies of  Pacific
region  countries  have experienced  steady  devaluations relative  to  the U.S.
dollar, and major  adjustments have been  made periodically in  certain of  such
currencies. Certain countries, such as India, face serious exchange constraints.
Jurisdictional  disputes  also exist  between South  Korea  and North  Korea. In
addition,  the  Fund  may  invest  in  Hong  Kong,  which  reverted  to  Chinese
Administration  on July  1, 1997.  Investments in  Hong Kong  may be  subject to
expropriation, national, nationalization or confiscation, in which case the Fund
could lose its  entire investment in  Hong Kong. In  addition, the reversion  of
Hong  Kong also presents a risk that the Hong Kong dollar will be devalued and a
risk of possible  loss of  investor confidence  in Hong  Kong's currency,  stock
market and assets.
 
    SPECIAL  CONSIDERATIONS  AFFECTING  LATIN  AMERICAN  COUNTRIES.  Most  Latin
American countries have experienced substantial,  and in some periods  extremely
high,  rates of  inflation for many  years. Inflation and  rapid fluctuations in
inflation rates have had and may continue  to have very negative effects on  the
economies  and securities markets  of certain Latin  American countries. Certain
Latin American countries are also among the largest debtors to commercial  banks
and foreign governments. At times certain Latin American countries have declared
moratoria on the payment of principal
 
                  Statement of Additional Information Page 16
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
and/or interest on external debt. In addition, certain Latin American securities
markets have experienced high volatility in recent years.
 
Latin  American countries may  also close certain sectors  of their economies to
equity investments  by foreigners.  Further  due to  the absence  of  securities
markets  and  publicly  owned corporations  and  due to  restrictions  on direct
investment by foreign entities,  investments may only be  made in certain  Latin
American   countries  solely   or  primarily   through  governmentally  approved
investment vehicles or companies.
 
Certain Latin American countries may have managed currencies that are maintained
at artificial levels to the U.S. dollar rather than at levels determined by  the
market.  This type  of system can  lead to  sudden and large  adjustments in the
currency which, in turn,  can have a disruptive  and negative effect on  foreign
investors.  For example, in late  1994, the value of  the Mexican peso lost more
than one-third of its value relative to the U.S. dollar.
 
    SPECIAL  CONSIDERATIONS  AFFECTING  EMERGING   MARKETS.  Investing  in   the
securities of companies in emerging markets may entail special risks relating to
potential  political and  economic instability  and the  risks of expropriation,
nationalization, confiscation  or  the  imposition of  restrictions  on  foreign
investment,  convertibility  into U.S.  dollars and  on repatriation  of capital
invested.  In  the  event  of  such  expropriation,  nationalization  or   other
confiscation  by any country, the  Fund could lose its  entire investment in any
such country.
 
Emerging securities  markets are  substantially  smaller, less  developed,  less
liquid  and more volatile than the major securities markets. The limited size of
emerging securities markets and limited trading value in issuers compared to the
volume of  trading in  U.S. securities  could  cause prices  to be  erratic  for
reasons  apart  from factors  that  affect the  quality  of the  securities. For
example, limited market size may cause prices to be unduly influenced by traders
who control  large  positions.  Adverse publicity  and  investors'  perceptions,
whether  or  not  based on  fundamental  analysis,  may decrease  the  value and
liquidity of portfolio  securities, especially  in these  markets. In  addition,
securities traded in certain emerging markets may be subject to risks due to the
inexperience  of financial intermediaries, a lack of modern technology, the lack
of a sufficient capital base to expand business operations, and the  possibility
of permanent or temporary termination of trading.
 
Settlement  mechanisms in emerging securities markets  may be less efficient and
reliable than in more developed markets.  In such emerging securities there  may
be share registration and delivery delays or failures.
 
Many emerging market countries have experienced substantial, and in some periods
extremely  high,  rates  of  inflation  for  many  years.  Inflation  and  rapid
fluctuations in inflation rates and corresponding currency devaluations have had
and may  continue to  have  negative effects  on  the economies  and  securities
markets of certain emerging market countries.
 
                  Statement of Additional Information Page 17
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
 
                             INVESTMENT LIMITATIONS
 
- --------------------------------------------------------------------------------
 
The  Fund  has  adopted  the  following  investment  limitations  as fundamental
policies which (unless otherwise noted) may  not be changed without approval  by
the  holders of  the lesser  of (i) 67%  of the  Fund's shares  represented at a
meeting at which more  than 50% of the  outstanding shares are represented,  and
(ii) more than 50% of the outstanding shares. The Fund may not:
 
        (1)  Purchase any security if, as a result of that purchase, 25% or more
    of the Fund's total assets would be invested in securities of issuers having
    their principal business activities in  the same industry, except that  this
    limitation  does not  apply to securities  issued or guaranteed  by the U.S.
    government, its agencies or instrumentalities;
 
        (2) Purchase or sell real estate, except that investments in  securities
    of  issuers that  invest in  real estate  and investments  in mortgage-based
    securities,  mortgage  participations  or  other  instruments  supported  by
    interests in real estate are not subject to this limitation, and except that
    the  Fund may exercise rights under  agreements relating to such securities,
    including the right to  enforce security interests and  to hold real  estate
    acquired  by  reason  of such  enforcement  until  that real  estate  can be
    liquidated in an orderly manner;
 
        (3) Engage in the business of underwriting securities of other  issuers,
    except  to the extent that the Fund might be considered an underwriter under
    the federal securities laws in connection with its disposition of  portfolio
    securities;
 
        (4)  Make loans, except through loans of portfolio securities or through
    repurchase agreements, provided  that for purposes  of this limitation,  the
    acquisition  of bonds, debentures, other  debt securities or instruments, or
    participations or  other interests  therein  and investments  in  government
    obligations, commercial paper, certificates of deposit, bankers' acceptances
    or similar instruments will not be considered the making of a loan;
 
        (5)  Issue senior securities or borrow  money, except as permitted under
    the 1940 Act and then  not in excess of 33  1/3% of the Fund's total  assets
    (including   the  amount  borrowed  but   reduced  by  any  liabilities  not
    constituting borrowings) at the time of the borrowing, except that the  Fund
    may  borrow up to  an additional 5%  of its total  assets (not including the
    amount borrowed) for temporary or emergency purposes; or
 
        (6) Purchase or sell  physical commodities, but  the Fund may  purchase,
    sell  or  enter  into financial  operations  and futures,  forward  and spot
    currency contracts,  swap  transactions  and other  financial  contracts  or
    derivative instruments.
 
Notwithstanding any other investment policy of the Fund, the Fund may invest all
of   its  investable  assets  (cash,   securities  and  receivables  related  to
securities) in an  open-end management investment  company having  substantially
the same investment objective, policies and limitations as the Fund.
 
For  purposes of  the Fund's  concentration policy  contained in  limitation (1)
above, the Fund intends  to comply with the  SEC staff position that  securities
issued  or  guaranteed  as  to  principal and  interest  by  any  single foreign
government or any supranational organizations in the aggregate are considered to
be securities of issuers in the same industry.
 
The following operating policies  of the Fund are  not fundamental policies  and
may  be changed by vote  of the Company's Board  of Trustees without shareholder
approval. The Fund may not:
 
        (1) Invest in securities of an issuer if the investment would cause  the
    Fund to own more than 10% of any class of securities of any one issuer;
 
        (2)   Sell  securities  short,  except  to  the  extent  that  the  Fund
    contemporaneously owns or  has the right  to acquire at  no additional  cost
    securities identical to those sold short;
 
        (3)  Enter into a futures contract, an  option on a futures contract, or
    an option on foreign currency traded  on a CFTC-regulated exchange, in  each
    case  other than for BONA FIDE hedging purposes (as defined by the CFTC), if
    the aggregate initial margin and premiums required to establish all of those
    positions (excluding the amount by which options are "in-the-money") exceeds
    5% of  the liquidation  value of  the Fund's  portfolio, after  taking  into
    account  unrealized profits and unrealized losses  on any contracts the Fund
    has entered into;
 
                  Statement of Additional Information Page 18
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
 
        (4) Borrow money except for temporary or emergency purposes (other  than
    to meet redemptions). While borrowings exceed 5% of the Fund's total assets,
    the Fund will not make any additional investments;
 
        (5)  Purchase securities  on margin, provided  that the  Fund may obtain
    short-term credits as may  be necessary for the  clearance of purchases  and
    sales  of securities,  and further  provided that  the Fund  may make margin
    deposits in  connection  with its  use  of financial  options  and  futures,
    forward  and spot currency contracts,  swap transactions and other financial
    contracts or derivative instruments;
 
        (6) Purchase securities for which there is no readily available  market,
    or  enter into repurchase  agreements or purchase  time deposits maturing in
    more than seven days, or  purchase OTC options or  hold assets set aside  to
    cover OTC options written by the Fund, if immediately after and as a result,
    the  value of  such securities  would exceed, in  the aggregate,  15% of the
    Fund's net assets; or
 
        (7) Mortgage, pledge, or  hypothecate any of  its assets, provided  that
    this  shall not apply to  the transfer of securities  in connection with any
    permissible borrowing  or  to  collateral arrangements  in  connection  with
    permissible activities.
 
Investors should refer to the Prospectus for further information with respect to
the  Fund's investment objective, which may  not be changed without the approval
of the shareholders, and other investment policies, techniques and  limitations,
which may be changed without shareholder approval.
 
- --------------------------------------------------------------------------------
 
                             EXECUTION OF PORTFOLIO
                                  TRANSACTIONS
 
- --------------------------------------------------------------------------------
 
Subject  to  policies  established  by the  Company's  Board  of  Directors, the
Sub-adviser  is  responsible   for  the  execution   of  the  Fund's   portfolio
transactions  and the selection of  broker/dealers who execute such transactions
on behalf  of the  Fund. In  executing portfolio  transactions, the  Sub-adviser
seeks the best net results for the Fund, taking into account such factors as the
price  (including the applicable brokerage commission or dealer spread), size of
the order,  difficulty  of execution  and  operational facilities  of  the  firm
involved.  Although  the  Sub-adviser  generally  seeks  reasonably  competitive
commission rates and spreads, payment of the lowest commission or spread is  not
necessarily  consistent with the best net results.  While the Fund may engage in
soft dollar arrangements for research services, as described below, the Fund has
no obligation to deal with any  broker/dealer or group of broker/dealers in  the
execution of portfolio transactions.
 
Debt  securities generally are traded  on a "net" basis  with a dealer acting as
principal for its own account without a stated commission, although the price of
the security  usually  includes  a  profit  to  the  dealer.  U.S.  and  foreign
government  securities and money market instruments  generally are traded in the
OTC markets. In underwritten  offerings, securities usually  are purchased at  a
fixed  price which  includes an  amount of  compensation to  the underwriter. On
occasion, securities may be purchased directly from an issuer, in which case  no
commissions  or discounts  are paid.  Broker/dealers may  receive commissions on
futures, currency and options transactions.
 
Consistent with the interests of the Fund, the Sub-adviser may select brokers to
execute the Fund's  portfolio transactions,  on the  basis of  the research  and
brokerage  services they provide to the Sub-adviser  for its use in managing the
Fund and  its other  advisory  accounts. Such  services may  include  furnishing
analyses,  reports and  information concerning  issuers, industries, securities,
geographic  regions,  economic  factors  and  trends,  portfolio  strategy,  and
performance  of accounts;  and effecting securities  transactions and performing
functions incidental thereto  (such as clearance  and settlement). Research  and
brokerage  services received from  such brokers are  in addition to,  and not in
lieu of, the  services required  to be performed  by the  Sub-adviser under  the
investment  management and  administration contract.  A commission  paid to such
brokers may  be higher  than  that which  another  qualified broker  would  have
charged  for  effecting  the  same transaction,  provided  that  the Sub-adviser
determines in good faith that such  commission is reasonable in terms either  of
that  particular transaction or the overall responsibility of the Sub-adviser to
the Fund and its other clients and  that the total commissions paid by the  Fund
will  be reasonable in  relation to the  benefits received by  the Fund over the
long term. Research services may also be received from dealers who execute  Fund
transactions in OTC markets.
 
                  Statement of Additional Information Page 19
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
 
The  Sub-adviser may allocate brokerage  transactions to broker/dealers who have
entered into arrangements under which  the broker/dealer allocates a portion  of
the  commissions paid by the Fund toward payment of the Fund's expenses, such as
transfer agent and custodian fees.
 
Investment decisions for the Fund and  for other investment accounts managed  by
the  Sub-adviser  are made  independently of  each other  in light  of differing
conditions. However, the same investment  decision occasionally may be made  for
two  or more of  such accounts including  the Fund. In  such cases, simultaneous
transactions may occur.  Purchases or sales  are then allocated  as to price  or
amount  in a manner deemed fair and equitable to all accounts involved. While in
some cases this practice could have a detrimental effect upon the price or value
of the security as far as the Fund is concerned, in other cases, the Sub-adviser
believes that coordination and the ability to participate in volume transactions
will be beneficial to the Fund.
 
Under a policy adopted by the Company's  Board of Directors, and subject to  the
policy  of  obtaining  the best  net  results,  the Sub-adviser  may  consider a
broker/dealer's sale of the shares of the Fund and the other funds for which AIM
or the Sub-adviser serves as investment manager in selecting brokers and dealers
for the  execution of  portfolio  transactions. This  policy  does not  imply  a
commitment  to execute  portfolio transactions  through all  broker/dealers that
sell shares of the Fund and such other funds.
 
The  Fund   contemplates   purchasing   most  foreign   equity   securities   in
over-the-counter  markets or stock  exchanges located in  the countries in which
the respective principal offices  of the issuers of  the various securities  are
located,  if that is  the best available  market. The fixed  commissions paid in
connection with most such foreign  stock transactions generally are higher  than
negotiated  commissions on United  States transactions. There  generally is less
government supervision and  regulation of  foreign stock  exchanges and  brokers
than in the United States. Foreign security settlements may in some instances be
subject to delays and related administrative uncertainties.
 
Foreign  equity securities may  be held by the  Fund in the  form of ADRs, ADSs,
EDRs, CDRs or securities convertible into foreign equity securities. ADRs, ADSs,
EDRs and CDRs may be listed on stock exchanges, or traded in the OTC markets  in
the  United States or  Europe, as the  case may be.  ADRs, like other securities
traded in the United States, will be subject to negotiated commission rates. The
foreign and domestic debt securities and  money market instruments in which  the
Fund may invest generally are traded in the OTC markets.
 
The Fund contemplates that, consistent with the policy of obtaining the best net
results,  brokerage transactions may be conducted through certain companies that
are affiliated with AIM or the Sub-adviser. The Company's Board of Trustees  has
adopted  procedures in conformity with  Rule 17e-1 under the  1940 Act to ensure
that all brokerage commissions paid to  such affiliates are reasonable and  fair
in  the context of the market in which they are operating. Any such transactions
will  be  effected  and  related  compensation  paid  only  in  accordance  with
applicable SEC regulations.
 
For  the fiscal  years ended  October 31,  1997, 1996,  and 1995,  the Fund paid
aggregate  brokerage   commissions   of   $463,307,   $257,953   and   $318,958,
respectively.  For the fiscal  years ended October  31, 1996 and  1997, the Fund
paid to  LGT  Bank  in  Liechtenstein, AG,  an  "affiliated"  broker,  aggregate
brokerage  commissions of  $16,898 and  $12,262, respectively,  for transactions
involving purchases and  sales of portfolio  securities which represented  6.55%
and  2.65% respectively, of the total brokerage commissions paid by the Fund and
5.69% and 2.94%, respectively,  of the aggregate  dollar amount of  transactions
involving payment of commissions by the Fund.
 
PORTFOLIO TRADING AND TURNOVER
The  Fund engages in  portfolio trading when the  Sub-adviser has concluded that
the sale of a security owned by the Fund and/or the purchase of another security
of better value can enhance principal and/or increase income. A security may  be
sold  to avoid  any prospective decline  in market  value, or a  security may be
purchased  in  anticipation  of  a  market  rise.  Consistent  with  the  Fund's
investment  objective, a  security also  may be  sold and  a comparable security
purchased coincidentally in order to take advantage of what is believed to be  a
disparity in the normal yield and price relationship between the two securities.
Although the Fund does not intend generally to trade for short-term profits, the
securities  in the Fund's portfolio will be sold whenever management believes it
is appropriate to  do so,  without regard  to the  length of  time a  particular
security  may have been held. Portfolio  turnover rate is calculated by dividing
the lesser of sales or purchases  of portfolio securities by the Fund's  average
month-end  portfolio  values  excluding  short-term  investments.  The portfolio
turnover rate will not be a limiting factor when the Sub-adviser deems portfolio
changes appropriate. Higher portfolio turnover involves correspondingly  greater
brokerage  commissions  and  other transaction  costs  that the  Fund  will bear
directly, and  may result  in the  realization  of net  capital gains  that  are
taxable  when distributed to the Fund's shareholders. For the fiscal years ended
October 31, 1997 and 1996, the Fund's portfolio turnover rates were 50% and 39%,
respectively.
 
                  Statement of Additional Information Page 20
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
 
                            DIRECTORS AND EXECUTIVE
                                    OFFICERS
 
- --------------------------------------------------------------------------------
 
The Company's Directors and Executive Officers are listed below.
 
<TABLE>
<CAPTION>
NAME, POSITION(S) WITH THE               PRINCIPAL OCCUPATIONS AND BUSINESS
COMPANY AND ADDRESS                      EXPERIENCE FOR PAST 5 YEARS
- ---------------------------------------  ------------------------------------------------------------------------------------------
<S>                                      <C>
William J. Guilfoyle*, 39                Mr. Guilfoyle is President, GT Global, Inc. ("GT Global") since 1995; Director, GT Global
Director, Chairman of the Board and      since 1991; Senior Vice President and Director of Sales and Marketing, GT Global from May
President                                1992 to April 1995; Vice President and Director of Marketing, GT Global from 1987 to 1992;
50 California Street                     Director, Liechtenstein Global Trust AG (holding company of the various international LGT
San Francisco, CA 94111                  companies) Advisory Board since January 1996; Director, G.T. Global Insurance Agency
                                         ("G.T. Insurance") since 1996; President and Chief Executive Officer, G.T. Insurance since
                                         1995; Senior Vice President and Director, Sales and Marketing, G.T. Insurance from April
                                         1995 to November 1995; Senior Vice President, Retail Marketing, G.T. Insurance from 1992
                                         to 1993. Mr. Guilfoyle is also a trustee of each of the other investment companies
                                         registered under the 1940 Act that is sub-advised or sub-administered by the Sub-adviser.
 
C. Derek Anderson, 57                    Mr. Anderson is President, Plantagenet Capital Management, LLC (an investment
Director                                 partnership); Chief Executive Officer, Plantagenet Holdings, Ltd. (an investment banking
220 Sansome Street                       firm); Director, Anderson Capital Management, Inc. since 1988; Director, PremiumWear, Inc.
Suite 400                                (formerly Munsingwear, Inc.) (a casual apparel company) and Director, "R" Homes, Inc. and
San Francisco, CA 94104                  various other companies. Mr. Anderson is also a trustee of each of the other investment
                                         companies registered under the 1940 Act that is sub-advised or sub-administered by the
                                         Sub-adviser.
 
Frank S. Bayley, 58                      Mr. Bayley is a partner of the law firm of Baker & McKenzie, and serves as a Director and
Director                                 Chairman of C.D. Stimson Company (a private investment company). Mr. Bayley is also a
Two Embarcadero Center                   trustee of each of the other investment companies registered under the 1940 Act that is
Suite 2400                               sub-advised or sub- administered by the Sub-adviser.
San Francisco, CA 94111
 
Arthur C. Patterson, 54                  Mr. Patterson is Managing Partner of Accel Partners (a venture capital firm). He also
Director                                 serves as a director of Viasoft and PageMart, Inc. (both public software companies), as
428 University Avenue                    well as several other privately held software and communications companies. Mr. Patterson
Palo Alto, CA 94301                      is also a trustee of each of the other investment companies registered under the 1940 Act
                                         that is sub-advised or sub-administered by the Sub-adviser.
 
Ruth H. Quigley, 63                      Miss Quigley is a private investor. From 1984 to 1986, she was President of Quigley
Director                                 Friedlander & Co., Inc. (a financial advisory services firm). Miss Quigley is also a
1055 California Street                   trustee of each of the other investment companies registered under the 1940 Act that is
San Francisco, CA 94108                  sub-advised or sub-administered by the Sub-adviser.
</TABLE>
 
- --------------
*  Mr. Guilfoyle is an "interested person" of the Company as defined by the 1940
Act due to his affiliation with the Sub-adviser.
 
                  Statement of Additional Information Page 21
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
 
<TABLE>
<CAPTION>
NAME, POSITION(S) WITH THE               PRINCIPAL OCCUPATIONS AND BUSINESS
COMPANY AND ADDRESS                      EXPERIENCE FOR PAST 5 YEARS
- ---------------------------------------  ------------------------------------------------------------------------------------------
<S>                                      <C>
John J. Arthur+, 53                      Director, Senior Vice President and Treasurer, A I M Advisors, Inc.; Vice President and
Vice President                           Treasurer, A I M Management Group Inc., A I M Capital Management, Inc., A I M
                                         Distributors, Inc., A I M Fund Services, Inc. and Fund Management Company.
 
Kenneth W. Chancey, 52                   Senior Vice President -- Mutual Fund Accounting, the Sub-adviser since 1997; Vice
Vice President and                       President -- Mutual Fund Accounting, the Sub-adviser from 1992 to 1997.
Principal Accounting Officer
50 California Street
San Francisco, CA 94111
 
Melville B. Cox, 54                      Vice President and Chief Compliance Officer, A I M Advisors, Inc., A I M Capital
Vice President                           Management, Inc., A I M Distributors, Inc., A I M Fund Services, Inc. and Fund Management
                                         Company.
 
Gary T. Crum, 50                         Director and President, A I M Capital Management, Inc.; Director and Senior Vice
Vice President                           President, A I M Management Group Inc. and A I M Advisors, Inc.; and Director, A I M
                                         Distributors, Inc. and AMVESCAP PLC.
 
Robert H Graham, 51                      Director, President and Chief Executive Officer, A I M Management Group Inc.; Director and
Vice President                           President, A I M Advisors, Inc.; Director and Senior Vice President, A I M Capital
                                         Management, Inc., A I M Distributors, Inc., A I M Fund Services, Inc. and Fund Management
                                         Company; Director, AMVESCAP PLC; Chairman of the Board of Directors and President, INVESCO
                                         Holdings Canada Inc.; and Director, AIM Funds Group Canada Inc. and INVESCO G.P. Canada
                                         Inc.
 
Helge K. Lee, 52                         Chief Legal and Compliance Officer -- North America, the Sub-adviser since October 1997;
Vice President                           Executive Vice President of the Asset Management Division of Liechtenstein Global Trust
50 California Street                     since October 1996; Senior Vice President, General Counsel and Secretary of LGT Asset
San Francisco, CA 94111                  Management, Inc., INVESCO (NY), Inc., GT Global, GT Global Investor Services, Inc. and
                                         G.T. Insurance from May 1994 to October 1996; Senior Vice President, General Counsel and
                                         Secretary of Strong/Corneliuson Management, Inc. and Secretary of each of the Strong Funds
                                         from October 1991 through May 1994.
 
Carol F. Relihan+, 43                    Director, Senior Vice President, General Counsel and Secretary, A I M Advisors, Inc.; Vice
Vice President                           President, General Counsel and Secretary, A I M Management Group Inc.; Director, Vice
                                         President and General Counsel, Fund Management Company; Vice President and General
                                         Counsel, A I M Fund Services, Inc.; and Vice President, A I M Capital Management, Inc. and
                                         A I M Distributors, Inc.
 
Dana R. Sutton, 39                       Vice President and Fund Controller, A I M Advisors, Inc.; and Assistant Vice President and
Vice President and Assistant             Assistant Treasurer, Fund Management Company.
Treasurer
</TABLE>
 
- --------------
*  Mr. Arthur and Ms. Relihan are married to each other.
 
                  Statement of Additional Information Page 22
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
 
The  Board of Directors has a Nominating  and Audit Committee, comprised of Miss
Quigley and Messrs.  Anderson, Bayley  and Patterson, which  is responsible  for
nominating  persons to serve  as Directors, reviewing audits  of the Company and
its funds  and recommending  firms  to serve  as  independent auditors  for  the
Company. Each of the Directors and Officers of the Company is also a Director or
Trustee,  and Officer of AIM Investment  Portfolios, AIM Floating Rate Fund, AIM
Series Trust, AIM Growth  Series and a  Trustee of AIM  Eastern Europe Fund,  GT
Global  Variable Investment Trust, GT  Global Variable Investment Series, Global
High Income Portfolio, Floating Rate Portfolio and Global Investment  Portfolio,
which are also registered investment companies advised by AIM and sub-advised by
the  Sub-adviser or  an affiliate thereof.  Each Director,  Trustee, and Officer
serves in  total  as a  Director,  Trustee,  and Officer,  respectively,  of  12
registered  investment companies with  47 series managed  or administered by AIM
and sub-advised or sub-administered by the Sub-adviser. Each Director who is not
a director, officer or employee of the Sub-adviser or any affiliated company  is
paid aggregate fees of $5,000 a year, plus $300 per Fund for each meeting of the
Board  attended, and reimbursed travel and other expenses incurred in connection
with attendance  at  such meetings.  Other  Directors and  Officers  receive  no
compensation  or expense  reimbursement from  the Company.  For the  fiscal year
ended October  31,  1997, Mr.  Anderson,  Mr.  Bayley, Mr.  Patterson  and  Miss
Quigley,  who are  not directors,  officers or  employees of  the Sub-adviser or
other affiliated  company,  received  total compensation  of  $38,650,  $38,650,
$27,850  and  $38,650,  respectively,  from the  Company  for  their  service as
Directors. For the fiscal year ended October 31, 1997 Mr. Anderson, Mr.  Bayley,
Mr.  Patterson and Miss Quigley, who are not directors, officers or employees of
the Sub-adviser or any other affiliated company, received total compensation  of
$117,304,  $114,386,  $88,350 and  $111,688,  respectively, from  the investment
companies managed or administered by AIM and sub-advised or sub-administered  by
the  Sub-adviser for which he  or she serves as a  Director or Trustee. Fees and
expenses disbursed to the Directors contained  no accrued or payable pension  or
retirement  benefits. As of  May 7, 1998,  the Officers and  Directors and their
families as a group owned in the  aggregate beneficially or of record less  than
1%  of the outstanding shares of the Fund  or of all the Company's series in the
aggregate.
 
                  Statement of Additional Information Page 23
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
 
                                   MANAGEMENT
 
- --------------------------------------------------------------------------------
 
INVESTMENT MANAGEMENT AND ADMINISTRATION SERVICES
AIM  serves  as  the  Fund's  investment  manager  and  administrator  under  an
investment   management  and  administration  contract  ("Management  Contract")
between the Company and AIM. The Sub-adviser serves as the sub-adviser and  sub-
administrator  to the Fund under  a Sub-Advisory and Sub-Administration Contract
between AIM and  the Sub-adviser ("Sub-Management  Contract," and together  with
the Management Contract, the "Management Contracts"). As investment managers and
administrators,  AIM and the  Sub-adviser make all  investment decisions for the
Fund and  administer  the  Fund's  affairs. Among  other  things,  AIM  and  the
Sub-adviser furnish the services and pay the compensation and travel expenses of
persons  who  perform the  executive,  administrative, clerical  and bookkeeping
functions of  the Company  and  the Fund,  and  provide suitable  office  space,
necessary small office equipment and utilities.
 
The  Management Contracts may  be renewed for one-year  terms, provided that any
such renewal  has been  specifically  approved at  least  annually by:  (i)  the
Company's  Board  of  Trustees, or  by  the vote  of  a majority  of  the Fund's
outstanding voting securities (as defined in the 1940 Act), and (ii) a  majority
of  Trustees  who are  not parties  to the  Management Contracts  or "interested
persons" of any such  party (as defined in  the 1940 Act), cast  in person at  a
meeting  called  for  the  specific  purpose of  voting  on  such  approval. The
Management Contracts provide that with respect to the Fund, the Company or  each
of AIM or the Sub-adviser may terminate the Management Contracts without penalty
upon   sixty   days'  written   notice.   The  Management   Contracts  terminate
automatically in the event of their assignment (as defined in the 1940 Act).
 
The  following  table  discloses  the   amount  of  investment  management   and
administration  fees paid by the Fund to  the Sub-adviser during the Fund's last
three fiscal years:
 
<TABLE>
<CAPTION>
YEAR ENDED OCTOBER 31,                                                                                      AMOUNT PAID
- ---------------------------------------------------------------------------------------------------------  -------------
<S>                                                                                                        <C>
1997.....................................................................................................  $   6,900,695
1996.....................................................................................................  $   6,282,438
1995.....................................................................................................  $   6,301,399
</TABLE>
 
DISTRIBUTION SERVICES
The Fund's  Advisor Class  shares are  offered continuously  through the  Fund's
principal  underwriter and  distributor, AIM  Distributors, on  a "best efforts"
basis  pursuant  to  a  distribution  contract  between  the  Company  and   AIM
Distributors  without a  front-end sales charge  or a  contingent deferred sales
charge.
 
TRANSFER AGENCY AND ACCOUNTING AGENCY SERVICES
The Transfer  Agent  has  been  retained by  the  Fund  to  perform  shareholder
servicing,  reporting and  general transfer  agent functions  for the  Fund. For
these services, the Transfer Agent receives an annual maintenance fee of  $17.50
per  account, a new account  fee of $4.00 per account,  a per transaction fee of
$1.75 for all transactions other than exchanges and a per exchange fee of $2.25.
The Transfer Agent also is reimbursed by the Fund for its out-of-pocket expenses
for such  items as  postage,  forms, telephone  charges, stationery  and  office
supplies. The Sub-adviser serves as the Fund's pricing and accounting agent. For
the  fiscal years ended October 31, 1997, October 31, 1996 and October 31, 1995,
the Fund paid accounting services fees to the Sub-adviser of $183,323,  $162,035
and $40,735, respectively.
 
EXPENSES OF THE FUND
The Fund pays all expenses not assumed by AIM, the Sub-adviser, AIM Distributors
and  other  agents.  These  expenses  include,  in  addition  to  the  advisory,
distribution, transfer agency, pricing and accounting agency and brokerage  fees
discussed  above,  legal and  audit expenses,  custodian fees,  directors' fees,
organizational  fees,  fidelity  bond  and  other  insurance  premiums,   taxes,
extraordinary  expenses and  the expenses  of reports  and prospectuses  sent to
existing investors.  The allocation  of general  Company expenses  and  expenses
shared  among the Fund  and other funds  organized as series  of the Company are
allocated on  a basis  deemed fair  and equitable,  which may  be based  on  the
relative  net assets  of the Fund  or the  nature of the  services performed and
relative applicability to  the Fund. Expenditures,  including costs incurred  in
connection  with  the  purchase  or  sale  of  portfolio  securities,  which are
capitalized  in  accordance  with   generally  accepted  accounting   principles
applicable  to investment companies, are accounted  for as capital items and not
as expenses. The ratio of the Fund's expenses to its relative net assets can  be
expected  to be  higher than  the expense  ratios of  funds investing  solely in
domestic securities,  since  the cost  of  maintaining the  custody  of  foreign
securities and the rate of investment management fees paid by the Fund generally
are higher than the comparable expenses of such other funds.
 
                  Statement of Additional Information Page 24
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
 
                            VALUATION OF FUND SHARES
 
- --------------------------------------------------------------------------------
 
As  described in the Prospectus,  the Fund's net asset  value per share for each
class of shares is determined  at the close of regular  trading on the New  York
Stock  Exchange  ("NYSE") (currently  4:00  p.m. Eastern  Time,  unless weather,
equipment failure or  other factors contribute  to an earlier  closing time)  on
each  business day the NYSE is open  for business. Currently, the NYSE is closed
on weekends and on certain days  relating to the following holidays: New  Year's
Day,  Martin  Luther  King  Day, President's  Day,  Good  Friday,  Memorial Day,
Independence Day, Labor Day, Thanksgiving Day and Christmas Day.
 
The Fund's portfolio securities and other assets are valued as follows:
 
Equity securities, including  ADRs, ADSs, GDRs,  and EDRs, which  are traded  on
stock  exchanges, are valued  at the last sale  price on the  exchange or in the
principal over-the-counter market in which such securities are traded, as of the
close of business on  the day the  securities are being  valued or, lacking  any
sales,  at the last available bid price. In cases where securities are traded on
more than one exchange, the securities are valued on the exchange determined  by
the Sub-adviser to be the primary market.
 
Long-term  debt obligations are valued at  the mean of representative quoted bid
and asked prices for such  securities or, if such  prices are not available,  at
prices  for securities of  comparable maturity, quality  and type; however, when
the Sub-adviser deems it appropriate, prices  obtained for the day of  valuation
from  a bond pricing service will  be used. Short-term investments are amortized
to maturity  based on  their cost,  adjusted for  foreign exchange  translation,
provided such valuations represent fair value.
 
Options  on indices, securities and currencies  purchased by the Fund are valued
at their last bid  price in the case  of listed options or,  in the case of  OTC
options,  at the average of  the last bid prices  obtained from dealers unless a
quotation from only one  dealer is available, in  which case only that  dealer's
price  will be used. The value of  each security denominated in a currency other
than U.S. dollars will be translated into U.S. dollars at the prevailing  market
rate  as determined by the  Sub-adviser on that day.  When market quotations for
futures and options  on futures held  by the Fund  are readily available,  those
positions will be valued based upon such quotations.
 
Securities  and  other  assets  for  which  market  quotations  are  not readily
available (including restricted securities which  are subject to limitations  as
to  their sale) are valued at fair value as determined in good faith by or under
the direction  of the  Company's  Board of  Trustees. The  valuation  procedures
applied  in any specific instance are likely to vary from case to case. However,
consideration generally is  given to the  financial position of  the issuer  and
other  fundamental analytical data relating to  the investment and to the nature
of the restrictions on disposition of the securities (including any registration
expenses that might be borne by  the Fund in connection with such  disposition).
In addition, specific factors also generally are considered, such as the cost of
the  investment, the  market value  of any  unrestricted securities  of the same
class (both at the time of purchase and  at the time of valuation), the size  of
the  holding, the prices  of any recent  transactions or offers  with respect to
such securities and any available analysts' reports regarding the issuer.
 
The fair value  of any  other assets  is added to  the value  of all  securities
positions  to  arrive  at the  value  of  the Fund's  total  assets.  The Fund's
liabilities, including  accruals  for  expenses, are  deducted  from  its  total
assets.  Once the total  value of the  Fund's net assets  is so determined, that
value is  then divided  by the  total number  of shares  outstanding  (excluding
treasury  shares), and the result, rounded to  the nearer cent, is the net asset
value per share.
 
Any assets or liabilities initially expressed in terms of foreign currencies are
translated into U.S. dollars at the official exchange rate or at the mean of the
current bid and  asked prices of  such currencies against  the U.S. dollar  last
quoted  by a major  bank that is  a regular participant  in the foreign exchange
market or on the basis of a  pricing service that takes into account the  quotes
provided  by a  number of such  major banks.  If none of  these alternatives are
available, or none are deemed to provide a suitable methodology for converting a
foreign currency into U.S. dollars, the  Board of Trustees, in good faith,  will
establish a conversion rate for such currency.
 
European,  Far Eastern, or Latin American  securities trading may not take place
on all days on which the NYSE is open. Further, trading takes place in  Japanese
markets on certain Saturdays and in various foreign markets on days on which the
 
                  Statement of Additional Information Page 25
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
NYSE is not open. In addition, trading in securities on European and Far Eastern
securities  exchanges and  OTC markets  generally is  completed well  before the
close of the  business day  in New York.  Consequently, the  calculation of  the
Fund's   net  asset  value  may  not   take  place  contemporaneously  with  the
determination of the prices of securities held by the Fund. Events affecting the
values of portfolio  securities that  occur between  the time  their prices  are
determined and the close of regular trading on the NYSE will not be reflected in
the  Fund's net asset value unless the Sub-adviser, under the supervision of the
Company's  Board  of  Trustees,  determines  that  the  particular  event  would
materially  affect net asset value. As a  result, the Fund's net asset value may
be significantly affected  by such  trading on  days when  a shareholder  cannot
purchase or redeem shares of the Fund.
 
- --------------------------------------------------------------------------------
 
                         INFORMATION RELATING TO SALES
                                AND REDEMPTIONS
 
- --------------------------------------------------------------------------------
 
PAYMENT AND TERMS OF OFFERING
Payment  for Advisor Class shares purchased should accompany the purchase order,
or funds should be wired to the  Transfer Agent as described in the  Prospectus.
Payment  for Fund shares, other than by wire  transfer, must be made by check or
money order drawn on a U.S. bank. Checks or money orders must be payable in U.S.
dollars.
 
As a condition of this offering, if an order to purchase either class of  shares
is  cancelled due to  nonpayment (for example,  because a check  is returned for
insufficient funds), the person who made  the order will be responsible for  any
loss  incurred by the Fund by reason of such cancellation, and if such purchaser
is a shareholder, the Fund shall have the authority as agent of the  shareholder
to redeem shares in his or her account at their then-current net asset value per
share  to reimburse  the Fund  for the  loss incurred.  Investors whose purchase
orders have been  cancelled due  to nonpayment  may be  prohibited from  placing
future orders.
 
The  Fund  reserves the  right  at any  time to  waive  or increase  the minimum
requirements applicable to initial or subsequent investments with respect to any
person or class of persons.  An order to purchase shares  is not binding on  the
Fund  until it  has been confirmed  in writing  by the Transfer  Agent (or other
arrangements made with the Fund, in  the case of orders utilizing wire  transfer
of funds, as described above) and payment has been received. To protect existing
shareholders,  the Fund reserves the right to reject any offer for a purchase of
shares by any individual.
 
INDIVIDUAL RETIREMENT ACCOUNTS ("IRAS") AND OTHER TAX-DEFERRED PLANS
 
IRAS: If you have earned income from employment (including self-employment), you
can contribute each year to an IRA up  to the lesser of (1) $2,000 for  yourself
or  $4,000  for  you and  your  spouse,  regardless of  whether  your  spouse is
employed, or (2) 100% of compensation. Some  individuals may be able to take  an
income tax deduction for the contribution. Regular contributions may not be made
for  the year  you become 70  1/2 or  thereafter. Unless your  and your spouse's
earnings exceed  a certain  level, you  also may  establish an  "Education  IRA"
and/or  a "Roth  IRA." Although  contributions to  these new  types of  IRAs are
nondeductible,  withdrawals   from  them   will   be  tax-free   under   certain
circumstances.  Please  consult  your  tax  adviser  for  more  information. IRA
applications are available from brokers or AIM Distributors.
 
ROLLOVER IRAS: Individuals who  receive distributions from qualified  retirement
plans  (other than  required distributions) and  who wish to  keep their savings
growing tax-deferred  can  roll  over  (or make  a  direct  transfer  of)  their
distribution  to a  Rollover IRA. These  accounts can also  receive rollovers or
transfers from an existing  IRA. If an "eligible  rollover distribution" from  a
qualified  employer-sponsored retirement plan is not  directly rolled over to an
IRA (or  certain  qualified plans),  withholding  at the  rate  of 20%  will  be
required  for federal income tax purposes.  A distribution from a qualified plan
that is not an "eligible  rollover distribution," including a distribution  that
is  one of series of substantially equal periodic payments, generally is subject
to regular wage withholding or withholding at the rate of 10% (depending on  the
type  and  amount  of  the  distribution), unless  you  elect  not  to  have any
withholding apply. Please consult your tax adviser for more information.
 
                  Statement of Additional Information Page 26
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
 
SEP-IRAS: Simplified  employee  pension  plans ("SEPs"  or  "SEP-IRAs")  provide
self-employed  individuals (and any eligible employees) with benefits similar to
Keogh plans (I.E.,  self-employed individual retirement  plans) or Code  Section
401(k)   plans,  but  with  fewer   administrative  requirements  and  therefore
potentially lower annual administration expenses.
 
CODE SECTION 403(B)(7) CUSTODIAL ACCOUNTS: Employees of public schools and  most
other  tax-exempt organizations can make  pre-tax salary reduction contributions
to these accounts.
 
PROFIT-SHARING  (INCLUDING   SECTION   401(K))  AND   MONEY   PURCHASE   PENSION
PLANS:  Corporations  and other  employers can  sponsor these  qualified defined
contribution plans  for  their employees.  A  Section  401(k) plan,  a  type  of
profit-sharing  plan, additionally permits the eligible, participating employees
to make  pre-tax salary  reduction  contributions to  the  plan (up  to  certain
limits).
 
SIMPLE  PLANS: Employers with  no more than  100 employees that  do not maintain
another retirement  plan  may  establish  a Savings  Incentive  Match  Plan  for
Employees  ("SIMPLE") either  as separate  IRAs or as  part of  a Section 401(k)
plan. SIMPLEs are not  subject to the  complicated nondiscrimination rules  that
generally apply to qualified retirement plans.
 
EXCHANGES BETWEEN FUNDS
Advisor  Class shares of the  Fund may be exchanged  for Advisor Class shares of
the corresponding  class of  other Funds  based on  their respective  net  asset
values  without imposition of any sales  charges, provided that the registration
remains identical. The exchange privilege is not an option or right to  purchase
shares  but is  permitted under  the current  policies of  the respective AIM/GT
Funds. The privilege may be discontinued or changed at any time by any of  those
funds  upon sixty days'  written notice to  the shareholders of  the fund and is
available only  in  states  where  the exchange  may  be  made  legally.  Before
purchasing  shares through the exercise of the exchange privilege, a shareholder
should obtain and read a copy of the prospectus of the fund to be purchased  and
should consider the investment objective(s).
 
TELEPHONE REDEMPTIONS
A  corporation or partnership  wishing to utilize  telephone redemption services
must submit a "Corporate Resolution" or "Certificate of Partnership"  indicating
the names, titles and the required number of signatures of persons authorized to
act  on  its  behalf.  The  certificate must  be  signed  by  a  duly authorized
officer(s) and,  in  the case  of  a corporation,  the  corporate seal  must  be
affixed. All shareholders may request that redemption proceeds be transmitted by
bank  wire upon request directly to the shareholder's predesignated account at a
domestic bank or savings institution, if  the proceeds are at least $500.  Costs
in  connection with the administration of  this service, including wire charges,
currently are borne by the  Fund. Proceeds of less than  $500 will be mailed  to
the  shareholder's registered address of record. The Fund and the Transfer Agent
reserve the right to refuse any  telephone instructions and may discontinue  the
aforementioned redemption options upon fifteen days' written notice.
 
SUSPENSION OF REDEMPTION PRIVILEGES
The  Fund may suspend redemption privileges or  postpone the date of payment for
more than seven days after a redemption order is received during any period  (1)
when  the NYSE is closed  other than customary weekend  and holiday closings, or
trading on the NYSE is restricted as directed by the SEC, (2) when an  emergency
exists, as defined by the SEC, which makes it not reasonably practicable for the
Fund  to dispose of securities  owned by it or fairly  to determine the value of
its assets, or (3) as the SEC may otherwise permit.
 
REDEMPTIONS IN KIND
It is possible  that conditions  may arise  in the  future which  would, in  the
opinion  of the Company's Board of Trustees, make it undesirable for the Fund to
pay for all redemptions in cash. In such cases, the Board may authorize  payment
to  be made  in portfolio  securities or other  property of  the Fund, so-called
"redemptions in kind." Payment  of redemptions in kind  will be made in  readily
marketable  securities.  Such  securities  would be  valued  at  the  same value
assigned to  them in  computing  the net  asset  value per  share.  Shareholders
receiving  such  securities  would incur  brokerage  costs in  selling  any such
securities so received. However,  despite the foregoing,  the Company has  filed
with  the SEC an election pursuant to Rule  18f-1 under the 1940 Act. This means
that the  Fund  will  pay in  cash  all  requests for  redemption  made  by  any
shareholder of record, limited in amount with respect to each shareholder during
any  ninety-day period to the lesser of $250,000 or 1% of the net asset value of
the Fund at the beginning of such  period. This election will be irrevocable  so
long  as Rule 18f-1 remains in effect,  unless the SEC by order upon application
permits the withdrawal of such election.
 
                  Statement of Additional Information Page 27
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
 
                                     TAXES
 
- --------------------------------------------------------------------------------
 
GENERAL
To continue to qualify for treatment  as a regulated investment company  ("RIC")
under  the  Code, as  amended  (the "Code"),  the  Fund must  distribute  to its
shareholders for  each taxable  year  at least  90%  of its  investment  company
taxable  income (consisting generally  of net investment  income, net short-term
capital  gain  and  net  gains  from  certain  foreign  currency   transactions)
("Distribution  Requirement")  and  must meet  several  additional requirements.
These requirements include the following: (1) the Fund must derive at least  90%
of  its gross income  each taxable year from  dividends, interest, payments with
respect to securities  loans and  gains from the  sale or  other disposition  of
securities or foreign currencies, or other income (including gains from options,
Futures  or Forward Contracts) derived with respect to its business of investing
in securities or those  currencies ("Income Requirement"); (2)  at the close  of
each  quarter of the Fund's taxable year, at least 50% of the value of its total
assets must be represented by cash  and cash items, U.S. government  securities,
securities  of  other RICs  and other  securities,  with these  other securities
limited, in respect of any one issuer, to  an amount that does not exceed 5%  of
the  value of the Fund's total assets and  that does not represent more than 10%
of the issuer's  outstanding voting  securities; and (3)  at the  close of  each
quarter  of the Fund's taxable year, not more than 25% of the value of its total
assets may be invested in securities  (other than U.S. government securities  or
the securities of other RICs) of any one issuer.
 
Dividends  and  other distributions  declared  by the  Fund  in, and  payable to
shareholders of record as  of a date  in, October, November  or December of  any
year  will  be  deemed  to have  been  paid  by  the Fund  and  received  by the
shareholders on December 31 of  that year if the  distributions are paid by  the
Fund  during  the following  January. Accordingly,  those distributions  will be
taxed to shareholders for the year in which that December 31 falls.
 
A portion of  the dividends from  the Fund's investment  company taxable  income
(whether  paid in cash or  reinvested in additional shares)  may be eligible for
the dividends-received deduction allowed  to corporations. The eligible  portion
may  not  exceed  the  aggregate  dividends  received  by  the  Fund  from  U.S.
corporations.  However,  dividends  received  by  a  corporate  shareholder  and
deducted  by  it  pursuant  to  the  dividends-received  deduction  are  subject
indirectly to the alternative minimum tax.
 
If Fund shares are sold at a loss  after being held for six months or less,  the
loss  will be treated as  long-term, instead of short-term,  capital loss to the
extent of any  capital gain  distributions received on  those shares.  Investors
also should be aware that if shares are purchased shortly before the record date
for  any dividend or other distribution, the shareholder will pay full price for
the shares and receive some portion of the price back as a taxable distribution.
 
The Fund will be subject to a nondeductible 4% excise tax ("Excise Tax") to  the
extent  it fails to distribute by the end of any calendar year substantially all
of its  ordinary income  for  that year  and capital  gain  net income  for  the
one-year period ending on October 31 of that year plus certain other amounts.
 
FOREIGN TAXES
Dividends  and interest received by the Fund, and gains realized thereby, may be
subject to income, withholding or other  taxes imposed by foreign countries  and
U.S.  possessions ("foreign  taxes") that  would reduce  the yield  and/or total
return on  its securities.  Tax conventions  between certain  countries and  the
United  States may reduce or eliminate  foreign taxes, however, and many foreign
countries do not  impose taxes  on capital gains  in respect  of investments  by
foreign  investors. If more than 50% of the  value of the Fund's total assets at
the close of its  taxable year consists of  securities of foreign  corporations,
the  Fund  will be  eligible to,  and may,  file an  election with  the Internal
Revenue Service that  will enable its  shareholders, in effect,  to receive  the
benefit  of the foreign tax credit with respect to any foreign taxes paid by it.
Pursuant to the election, the Fund would treat those taxes as dividends paid  to
its  shareholders and each shareholder would be required to (1) include in gross
income, and treat as paid by him, his share of those taxes, (2) treat his  share
of  those taxes and of any dividend paid by the Fund that represents income from
foreign and U.S. possessions  sources as his own  income from those sources  and
(3)  either deduct the taxes deemed paid  by him in computing his taxable income
or, alternatively, use the foregoing information in calculating the foreign  tax
credit  against his federal income tax. The Fund will report to its shareholders
shortly after each taxable  year their respective shares  of the Fund's  foreign
taxes and income from sources
 
                  Statement of Additional Information Page 28
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
within,  foreign  countries  and U.S.  possessions  if it  makes  this election.
Pursuant to the Taxpayer Relief Act of 1997 ("Tax Act"), individuals who have no
more than $300 ($600 for married  persons filing jointly) of creditable  foreign
taxes included on Form 1099 and all of whose foreign source income is "qualified
passive  income" may elect each year to be exempt from the extremely complicated
foreign tax credit limitation  and will be  able to claim  a foreign tax  credit
without having to file the detailed Form 1116 that otherwise is required.
 
PASSIVE FOREIGN INVESTMENT COMPANIES
The  Fund  may invest  in the  stock of  "passive foreign  investment companies"
("PFICs"). A PFIC is a foreign  corporation -- other than a "controlled  foreign
corporation"  (I.E.,  a foreign  corporation  in which,  on  any day  during its
taxable year,  more than  50% of  the total  voting power  of all  voting  stock
therein  or the total value of all  stock therein is owned, directly, indirectly
or constructively, by  "U.S. shareholders,"  defined as U.S.  persons that  own,
directly, indirectly or constructively, at least 10% of that voting power) as to
which  the Fund is a U.S. shareholder  (effective for its taxable year beginning
November 1, 1998) -- that, in general, meets either of the following tests:  (1)
at least 75% of its gross income is passive or (2) an average of at least 50% of
its  assets produce, or  are held for  the production of,  passive income. Under
certain circumstances,  the Fund  will be  subject to  federal income  tax on  a
portion  of any  "excess distribution"  received on,  or of  any gains  from the
disposition of,  stock of  a PFIC  (collectively "PFIC  income"), plus  interest
thereon,  even if the Fund distributed the  PFIC income as a taxable dividend to
its shareholders. The balance of the PFIC income will be included in the  Fund's
investment  company taxable income and, accordingly,  will not be taxable to the
Fund to the extent it distributes that income to its shareholders.
 
If the Fund  invests in  a PFIC and  elects to  treat the PFIC  as a  "qualified
electing  fund"  ("QEF"),  then  in  lieu  of  the  foregoing  tax  and interest
obligation, the Fund would be  required to include in  income each year its  pro
rata share of the QEF's ordinary earnings and net capital gain (I.E., the excess
of  net long-term capital gain  over net short-term capital  loss) -- which most
likely would have  to be  distributed by the  Fund to  satisfy the  Distribution
Requirement and avoid imposition of the Excise Tax -- even if those earnings and
gain  were not received by the  Fund from the QEF. In  most instances it will be
very difficult, if  not impossible,  to make  this election  because of  certain
requirements thereof.
 
Effective for its taxable year beginning November 1, 1998, the Fund may elect to
"mark  to market" its  stock in any PFIC.  "Marking-to-Market," in this context,
means including in ordinary income each taxable year the excess, if any, of  the
fair  market value of the stock over the Fund's adjusted basis therein as of the
end of that year.  Pursuant to the  election, the Fund also  will be allowed  to
deduct  (as an ordinary, not capital, loss)  the excess, if any, of its adjusted
basis in  PFIC stock  over  the fair  market value  thereof  as of  the  taxable
year-end, but only to the extent of any net mark-to-market gains with respect to
that  stock included in income  by the Fund for  prior taxable years. The Fund's
adjusted basis in each PFIC's stock subject to the election will be adjusted  to
reflect  the  amounts  of  income  included  and  deductions  taken  thereunder.
Regulations proposed in 1992  would provide a similar  election with respect  to
the stock of certain PFICs.
 
NON-U.S. SHAREHOLDERS
Dividends  paid by the Fund to a shareholder  who, as to the United States, is a
nonresident alien individual, nonresident alien fiduciary of a trust or  estate,
foreign  corporation  or foreign  partnership ("foreign  shareholder") generally
will be subject to U.S. withholding tax (at a rate of 30% or lower treaty rate).
Withholding will not apply, however, to a dividend paid by the Fund to a foreign
shareholder that is "effectively connected with  the conduct of a U.S. trade  or
business,"  in which case the  reporting and withholding requirements applicable
to domestic shareholders will apply. A  distribution of net capital gain by  the
Fund  to a foreign shareholder generally will  be subject to U.S. federal income
tax (at the rates  applicable to domestic persons)  only if the distribution  is
"effectively  connected" or  the foreign  shareholder is  treated as  a resident
alien individual for federal income tax purposes.
 
OPTIONS, FUTURES AND FOREIGN CURRENCY TRANSACTIONS
The Fund's use of hedging transactions, such as selling (writing) and purchasing
options and Futures and entering into Forward Contracts, involves complex  rules
that  will determine, for federal income tax purposes, the amount, character and
timing of recognition of  the gains and losses  the Fund realizes in  connection
therewith.  Gains  from the  disposition of  foreign currencies  (except certain
gains that  may be  excluded by  future regulations),  and gains  from  options,
Futures  and Forward Contracts derived by the  Fund with respect to its business
of investing in securities  or foreign currencies,  will qualify as  permissible
income under the Income Requirement.
 
Futures  and Forward  Contracts that  are subject  to section  1256 of  the Code
(other  than  those  that  are  part  of  a  "mixed  straddle")  ("Section  1256
Contracts")  and  that are  held by  the Fund  at  the end  of its  taxable year
generally will be deemed to  have been sold at  market value for federal  income
tax  purposes. Sixty percent of any net  gain or loss recognized on these deemed
sales, and 60% of any net gain or loss realized from any actual sales of Section
1256 Contracts,  will be  treated as  long-term capital  gain or  loss, and  the
balance  will be treated as  short-term capital gain or loss.  As of the date of
 
                  Statement of Additional Information Page 29
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
preparation of  this Statement  of Additional  Information, it  is not  entirely
clear whether that 60% portion will qualify for the reduced maximum tax rates on
net  capital gain enacted  by the Tax Act  -- 20% (10% for  taxpayers in the 15%
marginal tax bracket) for gain recognized  on capital assets held for more  than
18  months -- instead of  the 28% rate in  effect before that legislation, which
now applies to gain recognized on capital assets held for more than one year but
not more than 18  months, although technical  corrections legislation passed  by
the House of Representatives late in 1997 would treat it as qualifying therefor.
 
Section  988 of the Code also may apply to gains and losses from transactions in
foreign currencies,  foreign-currency-denominated debt  securities and  options,
Futures  and Forward  Contracts on foreign  currencies ("Section  988" gains and
losses). Each Section  988 gain  or loss  generally is  computed separately  and
treated as ordinary income or loss. In the case of overlap between sections 1256
and  988, special provisions  determine the character and  timing of any income,
gain or loss. The Fund attempts to monitor section 988 transactions to  minimize
any adverse tax impact.
 
If  the Fund has  an "appreciated financial position"  -- generally, an interest
(including an interest through an option,  Futures or Forward Contract or  short
sale) with respect to any stock, debt instrument (other than "straight debt") or
partnership  interest the fair market value  of which exceeds its adjusted basis
- -- and enters into  a "constructive sale" of  the same or substantially  similar
property,  the Fund will be treated as  having made an actual sale thereof, with
the result  that gain  will be  recognized  at that  time. A  constructive  sale
generally consists of a short sale, an offsetting notional principal contract or
Futures  or Forward Contract entered  into by the Fund  or a related person with
respect to  the same  or substantially  similar property.  In addition,  if  the
appreciated  financial  position is  itself  a short  sale  or such  a contract,
acquisition of the underlying property or substantially similar property will be
deemed a constructive sale.
 
The foregoing  is a  general  and abbreviated  summary  of certain  federal  tax
considerations  affecting the Fund and its  shareholders. Investors are urged to
consult their own tax advisers for more detailed information and for information
regarding any  foreign,  state  and  local  taxes  applicable  to  distributions
received from the Fund.
 
- --------------------------------------------------------------------------------
 
                             ADDITIONAL INFORMATION
 
- --------------------------------------------------------------------------------
 
AIM  was organized in 1976, and along  with its subsidiaries, manages or advises
approximately 90 investment  company portfolios  encompassing a  broad range  of
investment  objectives.  AIM is  a  direct, wholly  owned  subsidiary of  A  I M
Management Group  Inc.  ("AIM Management"),  a  holding company  that  has  been
engaged  in  the  financial  services  business  since  1976.  AIM  is  the sole
shareholder  of  the  Funds'   principal  underwriter,  AIM  Distributors.   AIM
Management is an indirect wholly owned subsidiary of AMVESCAP PLC, 11 Devonshire
Square,  London, EC2M  4YR, England.  AMVESCAP PLC  and its  subsidiaries are an
independent investment management group that  has a significant presence in  the
institutional  and retail segment of the investment management industry in North
America and Europe, and a growing presence in Asia.
 
CUSTODIAN
State Street  Bank and  Trust  Company ("State  Street"), 225  Franklin  Street,
Boston,  MA  02110, acts  as custodian  of  the Fund's  assets. State  Street is
authorized to  establish  and  has  established  separate  accounts  in  foreign
currencies  and to cause securities of the  Fund to be held in separate accounts
outside the United States in the custody of non-U.S. banks.
 
INDEPENDENT ACCOUNTANTS
The Fund's independent accountants are Coopers & Lybrand L.L.P., One Post Office
Square, Boston, MA 02109. Coopers &  Lybrand L.L.P. conducts an annual audit  of
the  Fund, assists in the preparation of the Fund's federal and state income tax
returns and consults with the Company and the Fund as to matters of  accounting,
regulatory filings, and federal and state income taxation.
 
The  audited financial statements  of the Company included  in this Statement of
Additional Information have been examined by Coopers & Lybrand L.L.P. as  stated
in their opinion appearing herein and are included in reliance upon such opinion
given upon the authority of that firm as experts in accounting and auditing.
 
NAME
Prior  to May 29, 1998, the  Fund operated under the name  of GT Global Growth &
Income Fund.
 
                  Statement of Additional Information Page 30
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
 
                               INVESTMENT RESULTS
 
- --------------------------------------------------------------------------------
 
STANDARDIZED RETURNS
The Fund's "Standardized Returns," as referred to in the Prospectus (see  "Other
Information  --  Performance  Information" in  the  Prospectus),  are calculated
separately for  Class  A and  Advisor  Class shares  of  the Fund,  as  follows:
Standardized Return (average annual total return ("T")) is computed by using the
ending  redeeming value ("ERV")  of a hypothetical  initial investment of $1,000
("P") over  a  period of  years  ("n") according  to  the following  formula  as
required  by the SEC: P(1+T) to the (n)th power = ERV. The following assumptions
will be reflected in computations made in accordance with this formula: (1)  for
Class  A shares, deduction of the maximum  sales charge of 5.50% from the $1,000
initial investment; (2) for Advisor Class shares, deduction of a sales charge is
not applicable; (3)  reinvestment of  dividends and other  distributions at  net
asset  value  on the  reinvestment  date determined  by  the Company's  Board of
Trustees; and (4) a complete redemption at the end of any period illustrated.
 
The Standardized Returns for the Class A  and Advisor Class shares of the  Fund,
stated as average annualized total returns, for the periods shown, were:
 
<TABLE>
<CAPTION>
                                                                                              GROWTH AND        GROWTH AND
                                                                                              INCOME FUND       INCOME FUND
PERIOD                                                                                         (CLASS A)      (ADVISOR CLASS)
- ------------------------------------------------------------------------------------------  ---------------  -----------------
<S>                                                                                         <C>              <C>
Fiscal year ended Oct. 31, 1997...........................................................         12.46%            19.23%
Oct. 31, 1992 through Oct. 31, 1997.......................................................         12.49%              n/a
June 1, 1995 (commencement of operations) through Oct. 31, 1997...........................           n/a             16.63%
Sept. 25, 1990 (commencement of operations) through Oct. 31, 1997.........................         11.82%              n/a
</TABLE>
 
NON-STANDARDIZED RETURNS
In   addition  to   Standardized  Returns,   the  Fund   may  also   include  in
advertisements, sales  literature and  shareholder  reports other  total  return
performance   data  ("Non-Standardized  Return").   Non-Standardized  Return  is
calculated separately for Class A, Class B and Advisor Class shares of the  Fund
and  may be calculated according to several different formulas. Non-Standardized
Returns may  be  quoted  for  the  same or  different  time  periods  for  which
Standardized  Returns are quoted.  Non-Standardized Returns may  or may not take
sales charges  into  account; performance  data  calculated without  taking  the
effect  of sales  charges into  account will be  higher than  data including the
effect of such charges. Advisor Class shares are not subject to sales charges.
 
Aggregate Non-Standardized Return ("T") is computed by using the ending value of
the account  ("VOA")  of  a  hypothetical initial  investment  of  $1,000  ("P")
according  to  the  following formula:  T=(VOA/P)-1.  Aggregate Non-Standardized
Return assumes reinvestment of dividends and other distributions.
 
The aggregate Non-Standardized Returns (not  taking sales charges into  account)
for  the Class A and Advisor Class shares of the Fund, stated as aggregate total
returns for the periods shown, were:
 
<TABLE>
<CAPTION>
                                                                                              GROWTH AND        GROWTH AND
                                                                                              INCOME FUND       INCOME FUND
PERIOD                                                                                         (CLASS A)      (ADVISOR CLASS)
- ------------------------------------------------------------------------------------------  ---------------  -----------------
<S>                                                                                         <C>              <C>
June 1, 1995 (commencement of operations) through Oct. 31, 1997...........................           n/a             45.09%
Sept. 25, 1990 (commencement of operations) through Oct. 31, 1997.........................        133.95%              n/a
</TABLE>
 
IMPORTANT POINTS TO NOTE ABOUT DATA RELATING TO WORLD EQUITY AND BOND MARKETS
The Fund and  AIM Distributors may  from time to  time in advertisements,  sales
literature and reports furnished to present or prospective shareholders, compare
the Fund with the following, among others:
 
        (1)  The Consumer Price Index ("CPI"), which is a measure of the average
    change in prices over time  in a fixed market  basket of goods and  services
    (e.g.,  food, clothing,  shelter, fuels,  transportation fares,  charges for
    doctors' and dentists' services, prescription medicines, and other goods and
    services that people  buy for  day-to-day living). There  is inflation  risk
    which does not affect a security's value but its purchasing power, i.e., the
    risk of changing price levels in the economy that affects security prices or
    the price of goods and services.
 
                  Statement of Additional Information Page 31
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
 
        (2)  Data and mutual fund rankings and comparisons published or prepared
    by  Lipper  Analytical  Data  Services,  Inc.  ("Lipper"),  CDA/Wiesenberger
    Investment   Company   Services   ("CDA/Wiesenberger"),   Morningstar,  Inc.
    ("Morningstar"), Micropal,  Inc. and/or  other  companies that  rank  and/or
    compare  mutual funds by overall performance, investment objectives, assets,
    expense levels, periods of existence  and/or other factors. In this  regard,
    the  Fund  may  be  compared  to its  "peer  group"  as  defined  by Lipper,
    CDA/Wiesenberger, Morningstar  and/or  other  firms, as  applicable,  or  to
    specific  funds or  groups of  funds within or  outside of  such peer group.
    Lipper generally  ranks  funds  on  the  basis  of  total  return,  assuming
    reinvestment of distributions, but does not take sales charges or redemption
    fees into consideration, and is prepared without regard to tax consequences.
    In  addition  to the  mutual fund  rankings, the  Fund's performance  may be
    compared to mutual fund performance indices prepared by Lipper.  Morningstar
    is a mutual fund rating service that also rates mutual funds on the basis of
    risk-adjusted  performance. Morningstar ratings are calculated from a fund's
    three, five  and  ten  year  average annual  returns  with  appropriate  fee
    adjustments and a risk factor that reflects fund performance relative to the
    three-month  U.S. Treasury bill monthly returns. Ten percent of the funds in
    an investment category receive five stars and 22.5% receive four stars.  The
    ratings are subject to change each month.
 
        (3)  Bear  Stearns Foreign  Bond  Index, which  provides  simple average
    returns for individual countries and gross national product ("GNP") weighted
    index, beginning in 1975.  The returns are broken  down by local market  and
    currency.
 
        (4)  Ibbotson  Associates  International Bond  Index,  which  provides a
    detailed breakdown of local market and currency returns since 1960.
 
        (5) Standard & Poor's 500 Composite Stock Price Index, which is a widely
    recognized index  composed of  the  capitalization-weighted average  of  the
    price of 500 of the largest publicly traded stocks in the U.S.
 
        (6) Dow Jones Industrial Average.
 
        (7) CNBC/Financial News Composite Index.
 
        (8) Morgan Stanley Capital International World Indices, including, among
    others, the Morgan Stanley Capital International Europe, Australia, Far East
    Index  ("EAFE Index").  The EAFE  index is an  unmanaged index  of more than
    1,000 companies in Europe, Australia and the Far East.
 
        (9) Morgan Stanley  Capital International All  Country (AC) World  index
    ("MSCI").  The  MSCI is  a broad,  unmanaged index  of global  stock prices,
    currently comprising 2,500 different issuers,  located in 47 countries,  and
    grouped in 38 separate industries.
 
       (10)  Salomon Brothers World  Government Bond Index  and Salomon Brothers
    World Government Bond Index-Non-U.S., each of  which is a widely used  index
    composed of world government bonds.
 
       (11)  The  World  Bank  Publication  of  Trends  in  Developing Countries
    ("TIDE") which provides brief reports on most of the World Bank's  borrowing
    members.  The World  Development Report is  published annually  and looks at
    global  and  regional  economic  trends  and  their  implications  for   the
    developing economies.
 
       (12)  Salomon Brothers Global Telecommunications Index, which is composed
    of telecommunications companies in the developing and emerging countries.
 
       (13) Datastream  and Worldscope,  each of  which is  an on-line  database
    retrieval  service  for information,  including international  financial and
    economic data.
 
       (14)  International  Financial  Statistics,  which  is  produced  by  the
    International Monetary Fund.
 
       (15)  Various publications and reports produced by the World Bank and its
    affiliates.
 
       (16) Various publications from the International Bank for  Reconstruction
    and Development.
 
       (17)  Various publications produced  by ratings agencies  such as Moody's
    Investors Service, Inc. ("Moody's"),  Standard & Poor's,  a division of  The
    McGraw-Hill Companies, Inc. ("S&P") and Fitch.
 
       (18)  Wilshire Associates which is  an on-line database for international
    financial and economic data including  performance measure for a wide  range
    of securities.
 
       (19)  Bank Rate National Monitor Index, which is an average of the quoted
    rates for 100 leading banks and thrifts in ten U.S. cities.
 
                  Statement of Additional Information Page 32
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
 
       (20) International  Finance  Corporation ("IFC")  Emerging  Markets  Data
    Base,  which  provides  detailed statistics  on  stock and  bond  markets in
    developing countries.
 
       (21) Various publications from the Organization for Economic  Cooperation
    and Development ("OECD").
 
       (22)  Average of  savings accounts,  which is a  measure of  all kinds of
    savings deposits, including longer-term certificates. Savings accounts offer
    a guaranteed rate  of return on  principal, but no  opportunity for  capital
    growth.  During a  portion of  the period,  the maximum  rates paid  on some
    savings deposits were fixed by law.
 
Indices, economic and  financial data  prepared by the  research departments  of
various financial organizations such as Salomon Brothers, Inc., Lehman Brothers,
Merrill  Lynch, Pierce, Fenner & Smith, Inc., Financial Research Corporation, J.
P. Morgan,  Morgan  Stanley,  Smith  Barney,  Shearson,  S.G.  Warburg,  Jardine
Flemming,  The  Bank  for  International  Settlements,  Asian  Development Bank,
Bloomberg, L.P.  and Ibbotson  Associates may  be used  as well  as  information
reported  by the  Federal Reserve  and the  respective Central  Banks of various
nations. In addition, AIM Distributors may use performance rankings, ratings and
commentary reported periodically in  national financial publications,  including
Money  Magazine, Mutual Fund  Magazine, Smart Money,  Global Finance, EuroMoney,
Financial World, Forbes, Fortune, Business Week, Latin Finance, The Wall  Street
Journal,  Emerging  Markets  Weekly,  Kiplinger's  Guide  To  Personal  Finance,
Barron's, The  Financial Times,  USA  Today, The  New  York Times,  Far  Eastern
Economic  Review, The  Economist and  Investors Business  Digest. Each  Fund may
compare its performance to that of  other compilations or indices of  comparable
quality  to those listed above and other  indices that may be developed and made
available in the future.
 
Information  relating  to   foreign  market   performance,  capitalization   and
diversification  is based on sources believed to  be reliable but may be subject
to revision  and  has  not  been  independently verified  by  the  Fund  or  AIM
Distributors.  The  authors  and  publishers  of such  material  are  not  to be
considered as "experts" under the 1933 Act, on account of the inclusion of  such
information herein.
 
A  portion of the performance  figures for each market  includes the positive or
negative effects of the currency exchange rates effective at December 31 of each
year between the U.S. dollar and currency of the foreign market (e.g.,  Japanese
Yen,  German Deutschemark  and Hong  Kong Dollar).  A foreign  currency that has
strengthened or weakened against the  U.S. dollar will positively or  negatively
affect the reported returns, as the case may be.
 
AIM  Distributors  believes that  this information  may  be useful  to investors
considering whether and to  what extent to  diversify their investments  through
the purchase of mutual funds investing in securities on a global basis. However,
this data is not a representation of the past performance of the Fund, nor is it
a  prediction of such performance. The performance  of the Fund will differ from
the historical performance of relevant indices. The performance of indices  does
not  take  expenses  into  account,  while  the  Fund  incurs  expenses  in  its
operations, which will reduce performance. Each of these factors will cause  the
performance of the Fund to differ from relevant indices.
 
From  time to  time, the Fund  and AIM Distributors  may refer to  the number of
shareholders in the Fund or the aggregate  number of shareholders in all AIM  or
the dollar amount of Fund assets under management or rankings by DALBAR Surveys,
Inc. in advertising materials.
 
AIM  Distributors believes the  Fund is an  appropriate investment for long-term
investment  goals  including  funding   retirement,  paying  for  education   or
purchasing  a house. AIM  Distributors may provide  information designed to help
individuals understand  their investment  goals  and explore  various  financial
strategies.  For example,  AIM Distributors  may describe  general principles of
investing, such as  asset allocation,  diversification and  risk tolerance.  The
Fund  does not represent a complete  investment program and the investors should
consider the  Fund as  appropriate for  a portion  of their  overall  investment
portfolio with regard to their long-term investment goals. There is no assurance
that any such information will lead to achieving these goals or guarantee future
results.
 
From  time to time, AIM Distributors may refer to or advertise the names of U.S.
and non-U.S. companies and  their products, although there  can be no  assurance
that any AIM Fund may own the securities of these companies.
 
Ibbotson  Associates  of  Chicago,  Illinois  ("Ibbotson")  provides  historical
returns of the capital  markets in the United  States, including common  stocks,
small   capitalization  stocks,  long-term  corporate  bonds,  intermediate-term
government bonds, long-term government bonds,  Treasury bills, the U.S. rate  of
inflation  (based on the CPI), and  combinations of various capital markets. The
performance of  these capital  markets  is based  on  the returns  of  different
indices.
 
                  Statement of Additional Information Page 33
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
 
AIM  Funds  may  use  the  performance of  these  capital  markets  in  order to
demonstrate  general   risk-versus-reward  investment   scenarios.   Performance
comparisons  may also include the  value of a hypothetical  investment in any of
these capital  markets. The  risks associated  with the  security types  in  any
capital market may or may not correspond directly to those of the Fund. Ibbotson
calculates total returns in the same method as the Fund.
 
The  Fund may  quote various measures  of volatility  and benchmark correlation,
such as beta, standard deviation and R(2) in advertising. In addition, the  Fund
may  compare these measures to those of other funds. Measures of volatility seek
to compare the  Fund's historical share  price fluctuations or  total return  to
those of a benchmark.
 
The  Fund may  advertise examples of  the effects of  periodic investment plans,
including the principle of dollar cost averaging programs. In such a program, an
investor invests a fixed dollar amount in a fund at periodic intervals,  thereby
purchasing  fewer shares when  prices are high  and more shares  when prices are
low. While such a strategy does not assure  a profit or guard against loss in  a
declining  market, the investor's  average cost per  share can be  lower than if
fixed numbers of shares are purchased at the same intervals. In evaluating  such
a  plan, investors should  consider their ability  to continue purchasing shares
through periods of low price levels.
 
The Fund may describe in its  sales material and advertisements how an  investor
may  invest in AIM Funds through various retirement plans or other programs that
offer deferral of income taxes on  investment earnings and to which an  investor
may make deductible contributions. Because of their advantages, these retirement
plans  and programs  may produce  returns superior  to comparable non-retirement
investments. For example, a $10,000 investment  earning a taxable return of  10%
annually  would have an after-tax value of $17,976 after ten years, assuming tax
was deducted  from  the  return  each  year  at  a  39.6%  rate.  An  equivalent
tax-deferred  investment  would have  an after-tax  value  of $19,626  after ten
years, assuming tax was deducted at a  39.6% rate from the deferred earnings  at
the  end of the ten-year period. In  sales material and advertisements, the Fund
may also discuss these  plans and programs. See  "Information Relating to  Sales
and   Redemptions  --   Individual  Retirement   Accounts  ("IRAs")   and  Other
Tax-Deferred Plans."
 
AIM Distributors may from  time to time in  its sales materials and  advertising
discuss  the risks inherent in investing. The major types of investment risk are
market risk, industry risk, credit risk, interest rate risk and inflation  risk.
Risk represents the possibility that you may lose some or all of your investment
over  a period of time. A basic tenet  of investing is the greater the potential
reward, the greater the risk.
 
From time  to  time,  the  Fund and  AIM  Distributors  will  quote  information
regarding  industries, individual countries, regions, world stock exchanges, and
economic  and  demographic  statistics  from  sources  AIM  Distributors   deems
reliable, including, the economic and financial data of financial organizations,
such as:
 
 1) Stock  market  capitalization:  Morgan Stanley  Capital  International World
    Indices, IFC and Datastream.
 
 2) Stock market trading volume:  Morgan Stanley Capital International  Industry
    Indices and IFC.
 
 3) The  number of  listed companies: IFC,  G.T. Guide to  World Equity Markets,
    Salomon Brothers, Inc. and S.G. Warburg.
 
 4) Wage rates: U.S. Department of  Labor Statistics and Morgan Stanley  Capital
    International World Indices.
 
 5) International  industry  performance: Morgan  Stanley  Capital International
    World Indices, Wilshire Associates and Salomon Brothers, Inc.
 
 6) Stock  market  performance:  Morgan  Stanley  Capital  International   World
    Indices, IFC and Datastream.
 
 7) The  Consumer Price Index and inflation rate: The World Bank, Datastream and
    IFC.
 
 8) Gross Domestic Product ("GDP"): Datastream and The World Bank.
 
 9) GDP growth rate: IFC, The World Bank and Datastream.
 
10) Population: The World Bank, Datastream and United Nations.
 
11) Average annual growth rate (%) of population: The World Bank, Datastream and
    United Nations.
 
12) Age distribution within populations: OECD and United Nations.
 
13) Total exports and imports by year: IFC, The World Bank and Datastream.
 
14) Top three companies by country, industry or market: IFC, G.T. Guide to World
    Equity Markets, Salomon Brothers Inc. and S.G. Warburg.
 
15) Foreign direct  investments  to developing  countries:  The World  Bank  and
    Datastream.
 
                  Statement of Additional Information Page 34
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
 
16) Supply,  consumption,  demand  and  growth in  demand  of  certain products,
    services and industries, including, but not limited to, electricity,  water,
    transportation, construction materials, natural resources, technology, other
    basic infrastructure, financial services, health care services and supplies,
    consumer products and services and telecommunications equipment and services
    (sources  of such information may include, but  would not be limited to, The
    World Bank, OECD, IMF, Bloomberg and Datastream).
 
17) Standard deviation and performance returns for U.S. and non-U.S. equity  and
    bond markets: Morgan Stanley Capital International.
 
18) Countries  restructuring their debt,  including those under  the Brady Plan:
    the Sub-adviser.
 
19) Political and economic structure of countries: Economist Intelligence Unit.
 
20) Government and  corporate bonds  -- credit  ratings, yield  to maturity  and
    performance returns: Salomon Brothers, Inc.
 
21) Dividend yields for U.S. and non-U.S. companies: Bloomberg.
 
From  time to time, AIM Distributors may include in its advertisements and sales
material,  information  about  privatization,  which  is  an  economic   process
involving the sale of state-owned companies to the private sector.
 
In  advertising and sales  materials, AIM Distributors may  make reference to or
discuss its products, services and accomplishments. Among these  accomplishments
are  that in 1983 the Sub-adviser provided  assistance to the government of Hong
Kong in  linking its  currency to  the U.S.  dollar, and  that in  1987  Japan's
Ministry  of Finance  licensed LGT  Asset Management  Ltd. as  one of  the first
foreign  discretionary  investment   managers  for   Japanese  investors.   Such
accomplishments,  however,  should  not  be  viewed  as  an  endorsement  of the
Sub-adviser by the government of Hong  Kong, Japan's Ministry of Finance or  any
other  government or government  agency. Nor do any  such accomplishments of the
Sub-adviser provide any assurance that  the AIM/GT Funds' investment  objectives
will be achieved.
 
- --------------------------------------------------------------------------------
 
                          DESCRIPTION OF DEBT RATINGS
 
- --------------------------------------------------------------------------------
 
DESCRIPTION OF BOND RATINGS
 
    MOODY'S INVESTORS SERVICE, INC. ("Moody's") rates the debt securities issued
by  various entities from "Aaa"  to "C." Investment grade  ratings are the first
four categories:
 
        Aaa -- Bonds which are rated Aaa  are judged to be of the best  quality.
    They carry the smallest degree of investment risk and are generally referred
    to  as "gilt  edged." Interest payments  are protected  by a large  or by an
    exceptionally stable  margin  and principal  is  secure. While  the  various
    protective  elements are likely to change, such changes as can be visualized
    are most  unlikely  to impair  the  fundamentally strong  position  of  such
    issues.
 
        Aa  -- Bonds which are rated Aa are  judged to be of high quality by all
    standards. Together  with the  Aaa group  they comprise  what are  generally
    known  as high grade bonds. They are rated lower than the best bonds because
    margins of  protection  may  not  be  as  large  as  in  Aaa  securities  or
    fluctuation  of protective elements may be of greater amplitude or there may
    be other  elements present  which make  the long-term  risk appear  somewhat
    larger than the Aaa securities.
 
        A  --  Bonds  which  are  rated  A  possess  many  favorable  investment
    attributes and  are  to  be considered  as  upper-medium-grade  obligations.
    Factors  giving security to principal  and interest are considered adequate,
    but elements may  be present  which suggest a  susceptibility to  impairment
    some time in the future.
 
        Baa  --  Bonds  which  are  rated  Baa  are  considered  as medium-grade
    obligations, (i.e., they are neither  highly protected nor poorly  secured).
    Interest payments and principal security appear adequate for the present but
    certain  protective  elements may  be lacking  or may  be characteristically
    unreliable over  any  great length  of  time. Such  bonds  lack  outstanding
    investment  characteristics and in fact  have speculative characteristics as
    well.
 
                  Statement of Additional Information Page 35
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
 
        Ba -- Bonds which are rated Ba are judged to have speculative  elements;
    their  future cannot be considered as  well-assured. Often the protection of
    interest and principal payments may be  very moderate, and thereby not  well
    safeguarded  during both good and bad  times over the future. Uncertainty of
    position characterizes bonds in this class.
 
        B --  Bonds which  are rated  B generally  lack characteristics  of  the
    desirable  investment. Assurance  of interest  and principal  payments or of
    maintenance of other terms of the contract over any long period of time  may
    be small.
 
        Caa  -- Bonds which are rated Caa  are of poor standing. Such issues may
    be in default or  there may be  present elements of  danger with respect  to
    principal or interest.
 
        Ca  --  Bonds  which  are  rated  Ca  represent  obligations  which  are
    speculative in a high degree. Such issues are often in default or have other
    marked shortcomings.
 
        C -- Bonds which are  rated C are the lowest  rated class of bonds,  and
    issues  so rated can be regarded as  having extremely poor prospects of ever
    attaining any real investment standing.
 
ABSENCE OF RATING: Where no rating has been assigned or where a rating has  been
suspended  or withdrawn, it may  be for reasons unrelated  to the quality of the
issue.
 
Should no rating be assigned, the reason may be one of the following:
 
1. An application for rating was not received or accepted.
 
2. The issue or issuer  belongs to a group of  securities or companies that  are
not rated as a matter of policy.
 
3. There is a lack of essential data pertaining to the issue or issuer.
 
4.  The issue was privately placed, in which case the rating is not published in
Moody's publications.
 
Suspension or withdrawal may occur if new and material circumstances arise,  the
effects of which preclude satisfactory analysis; if there is no longer available
reasonable  up-to-date data  to permit  a judgment  to be  formed; if  a bond is
called for redemption; or for other reasons.
 
Note: Moody's applies  numerical modifiers, 1,  2 and 3  in each generic  rating
classification  from Aa to Caa. The modifier  1 indicates that the Company ranks
in the higher end  of its generic  rating category; the  modifier 2 indicates  a
mid-range  ranking; and the modifier  3 indicates that the  Company ranks in the
lower end of its generic rating category.
 
    STANDARD & POOR'S, a  division of The  McGraw-Hill Companies, Inc.  ("S&P"),
rates  the securities debt of various  entities in categories ranging from "AAA"
to "D"  according  to quality.  Investment  grade  ratings are  the  first  four
categories:
 
        AAA -- An obligation rated "AAA" has the highest rating assigned by S&P.
    The obligor's capacity to meet its financial commitment on the obligation is
    extremely strong.
 
        AA   --  An  obligation  rated  "AA"  differs  from  the  highest  rated
    obligations only  in a  small degree.  The obligor's  capacity to  meet  its
    financial commitment on the obligation is very strong.
 
        A -- An obligation rated "A" is somewhat more susceptible to the adverse
    effects of changes in circumstances and economic conditions than obligations
    in higher rated categories.
 
        BBB   --  An   obligation  rated  "BBB"   exhibits  adequate  protection
    parameters. However, adverse economic  conditions or changing  circumstances
    are  more likely to lead  to a weakened capacity of  the obligor to meet its
    financial commitment on the obligation.
 
        BB, B, CCC, CC, C -- Obligations  rated "BB," "B," "CCC," "CC," and  "C"
    are   regarded  as  having  significant  speculative  characteristics.  "BB"
    indicates the least degree  of speculation and "C"  the highest. While  such
    obligations  will likely  have some quality  and protective characteristics,
    these may be outweighed by large uncertainties or major exposures to adverse
    conditions.
 
        BB -- An  obligation rated "BB"  is less vulnerable  to nonpayment  than
    other  speculative issues. However, it  faces major ongoing uncertainties or
    exposure to adverse business, financial, or economic conditions which  could
    lead  to the obligor's inadequate capacity  to meet its financial commitment
    on the obligation.
 
                  Statement of Additional Information Page 36
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
 
        B --  An obligation  rated "B"  is more  vulnerable to  nonpayment  than
    obligations  rated "BB," but the obligor  currently has the capacity to meet
    its financial commitment on the obligation. Adverse business, financial,  or
    economic conditions will likely impair the obligor's capacity or willingness
    to meet its financial commitment on the obligation.
 
        CCC  -- An obligation rated "CCC" is currently vulnerable to nonpayment,
    and is dependent upon favorable business, financial, and economic conditions
    for the obligor to meet its  financial commitment on the obligation. In  the
    event of adverse business, financial, or economic conditions, the obligor is
    not  likely to  have the  capacity to meet  its financial  commitment on the
    obligation.
 
        CC --  An  obligation  rated  "CC" is  currently  highly  vulnerable  to
    nonpayment.
 
        C  -- The "C" rating may be used to cover a situation where a bankruptcy
    petition has been filed  or similar action has  been taken, but payments  on
    this obligation are being continued.
 
        D  -- An  obligation rated  "D" is  in payment  default. The  "D" rating
    category is used when payments on an obligation are not made on the date due
    even if the  applicable grace period  has not expired,  unless S&P  believes
    that  such payments will  be made during  such grace period.  The "D" rating
    also will be used upon the filing of a bankruptcy petition or the taking  of
    a similar action if payments on an obligation are jeopardized.
 
PLUS  (+) OR MINUS  (-): The ratings from  "AA" to "CCC" may  be modified by the
addition of a  plus or minus  sign to  show relative standing  within the  major
rating categories.
 
NR:  Indicates  that  no  public  rating  has  been  requested,  that  there  is
insufficient information on which to base a rating, or that S&P does not rate  a
particular type of obligation as a matter of policy.
 
DESCRIPTION OF COMMERCIAL PAPER RATINGS
 
    MOODY'S  employs  the  designation "Prime-1"  to  indicate  commercial paper
having a superior ability for  repayment of senior short-term debt  obligations.
Prime-1  repayment  ability will  often be  evidenced by  many of  the following
characteristics: leading market positions  in well-established industries;  high
rates  of return on  funds employed; conservative  capitalization structure with
moderate reliance on debt and ample asset protection; broad margins in  earnings
coverage  of  fixed financial  charges and  high  internal cash  generation; and
well-established access to a range of  financial markets and assured sources  of
alternate liquidity. Issues rated Prime-2 have a strong ability for repayment of
senior  short-term debt obligations, This normally  will be evidenced by many of
the characteristics cited  above but  to a  lesser degree.  Earnings trends  and
coverage  ratios, while sound, may be  more subject to variation. Capitalization
characteristics, while  still  appropriate, may  be  more affected  by  external
conditions. Ample alternate liquidity is maintained.
 
    S&P  ratings of commercial paper are  graded into several categories ranging
from "A1" for the highest quality obligations  to "D" for the lowest. Issues  in
the  "A" category are delineated with numbers 1,2 and 3 to indicate the relative
degree of safety.  A-1 --  This highest category  indicates that  the degree  of
safety  regarding timely payment  is strong. Those  issues determined to possess
extremely strong safety  characteristics will be  denoted with a  plus sign  (+)
designation. A-2 -- Capacity for timely payments on issues with this designation
is  satisfactory; however, the relative  degree of safety is  not as high as for
issues designated "A-1."
 
The Fund may invest only in high quality commercial paper, i.e. commercial paper
rated Prime-1 by Moody's, A-1 by S&P, or, if unrated, judged by the  Sub-adviser
to be of comparable quality.
 
- --------------------------------------------------------------------------------
 
                              FINANCIAL STATEMENTS
 
- --------------------------------------------------------------------------------
 
The  audited financial statements of the Fund as of October 31, 1997 and for the
fiscal year then ended appear on the following pages.
 
                  Statement of Additional Information Page 37
<PAGE>
                         GT GLOBAL GROWTH & INCOME FUND
 
                       REPORT OF INDEPENDENT ACCOUNTANTS
 
- --------------------------------------------------------------------------------
 
ANNUAL REPORT
To the Shareholders of GT Global Growth & Income Fund and Board of Directors of
G.T. Investment Funds, Inc.:
 
We have audited the accompanying statement of assets and liabilities of GT
Global Growth & Income Fund, one of the funds organized as a series of G.T.
Investment Funds, Inc., including the portfolio of investments, as of October
31, 1997, the related statement of operations for the year then ended, the
statements of changes in net assets for each of the two years in the period then
ended, and the financial highlights for each of the five years in the period
then ended. These financial statements and the financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and the financial highlights based on our
audits.
 
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and the financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
October 31, 1997, by correspondence with the custodian and brokers. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
 
In our opinion, the financial statements and the financial highlights referred
to above present fairly, in all material respects, the financial position of GT
Global Growth & Income Fund as of October 31, 1997, the results of its
operations for the year then ended, the changes in its net assets for each of
the two years in the period then ended, and the financial highlights for each of
the five years in the period then ended, in conformity with generally accepted
accounting principles.
 
                                                        COOPERS & LYBRAND L.L.P.
 
BOSTON, MASSACHUSETTS
DECEMBER 15, 1997
 
                                       F1
<PAGE>
                         GT GLOBAL GROWTH & INCOME FUND
 
                            PORTFOLIO OF INVESTMENTS
 
                                October 31, 1997
 
- --------------------------------------------------------------------------------
 
<TABLE>
<CAPTION>
                                                                                           VALUE         % OF NET
EQUITY INVESTMENTS                                          COUNTRY        SHARES         (NOTE 1)        ASSETS
- ----------------------------------------------------------  --------   --------------   ------------   -------------
<S>                                                         <C>        <C>              <C>            <C>
Finance (28.4%)
  Schweizerischer Bankverein (Swiss Bank Corp.) ..........   SWTZ              74,750   $ 20,102,411         2.7
    BANKS-MONEY CENTER
  Royal & Sun Alliance Insurance Group PLC ...............   UK             2,081,400     19,951,696         2.6
    INSURANCE - MULTI-LINE
  CS Holding AG - Registered .............................   SWTZ             108,300     15,258,696         2.0
    BANKS-MONEY CENTER
  AEGON N.V. .............................................   NETH             187,875     14,809,312         2.0
    INSURANCE-LIFE
  First Tennessee National Corp. .........................   US               245,400     14,141,175         1.9
    BANKS-REGIONAL
  Union Bank of Switzerland - Bearer .....................   SWTZ              11,752     13,531,589         1.8
    BANKS-MONEY CENTER
  ABN AMRO Holding N.V. ..................................   NETH             667,296     13,442,181         1.8
    BANKS-MONEY CENTER
  ING Groep N.V. .........................................   NETH             264,262     11,096,009         1.5
    OTHER FINANCIAL
  Deutsche Bank AG .......................................   GER              134,150      8,774,787         1.2
    BANKS-MONEY CENTER
  American General Corp. .................................   US               170,000      8,670,000         1.1
    INSURANCE-LIFE
  IKB Deutsche Industriebank AG ..........................   GER              394,000      8,339,229         1.1
    BANKS-REGIONAL
  General Accident PLC ...................................   UK               400,000      6,806,441         0.9
    INSURANCE - PROPERTY-CASUALTY
  National Westminster Bank PLC ..........................   UK               471,800      6,781,828         0.9
    BANKS-MONEY CENTER
  Fortis Amev N.V. .......................................   NETH             164,542      6,468,086         0.9
    OTHER FINANCIAL
  Lloyds TSB Group PLC ...................................   UK               513,428      6,415,697         0.8
    BANKS-REGIONAL
  Commonwealth Bank of Australia .........................   AUSL             546,000      6,275,641         0.8
    BANKS-SUPER REGIONAL
  Generale de Banque S.A.: ...............................   BEL                   --             --         0.8
    BANKS-MONEY CENTER
    Common ...............................................   --                14,762      6,038,244          --
    Strip VVPR-/- ........................................   --                 1,342            567          --
  Kredietbank N.V. .......................................   BEL               12,980      5,446,409         0.7
    BANKS-REGIONAL
  Commercial Union PLC ...................................   UK               361,550      5,093,962         0.7
    INSURANCE - MULTI-LINE
  Mercury Asset Management Group PLC .....................   UK               196,698      4,272,457         0.6
    INVESTMENT MANAGEMENT
  M & G Group PLC ........................................   UK               155,000      3,139,257         0.4
    INVESTMENT MANAGEMENT
  General Property Trust .................................   AUSL           1,500,000      2,688,928         0.4
    REAL ESTATE
  Reinsurance Australia Corporation Ltd. .................   AUSL             880,000      2,276,555         0.3
    INSURANCE - MULTI-LINE
  Infrastructure Trust of Australia Group ................   AUSL           2,830,000      2,188,401         0.3
    OTHER FINANCIAL
</TABLE>
 
    The accompanying notes are an integral part of the financial statements.
 
                                       F2
<PAGE>
                         GT GLOBAL GROWTH & INCOME FUND
 
                       PORTFOLIO OF INVESTMENTS  (cont'd)
 
                                October 31, 1997
 
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
                                                                                           VALUE         % OF NET
EQUITY INVESTMENTS                                          COUNTRY        SHARES         (NOTE 1)        ASSETS
- ----------------------------------------------------------  --------   --------------   ------------   -------------
<S>                                                         <C>        <C>              <C>            <C>
Finance (Continued)
  National Australia Bank Ltd. ...........................   AUSL             125,000   $  1,709,139         0.2
    BANKS-REGIONAL
  Realty Development Corp., Ltd. "A" .....................   HK                 5,000         14,230          --
    REAL ESTATE
                                                                                        ------------
                                                                                         213,732,927
                                                                                        ------------
Energy (14.2%)
  Royal Dutch Petroleum Co. ..............................   NETH             371,840     19,674,378         2.6
    OIL
  Elektrowatt "B" AG .....................................   SWTZ              49,068     18,821,083         2.5
    ELECTRICAL & GAS UTILITIES
  Exxon Corp. ............................................   US               182,600     11,218,488         1.5
    OIL
  Mobil Corp. ............................................   US               127,600      9,290,875         1.2
    OIL
  Shell Transport & Trading Co., PLC .....................   UK             1,121,700      7,953,685         1.1
    OIL
  Electrabel S.A. ........................................   BEL               34,760      7,801,667         1.0
    ELECTRICAL & GAS UTILITIES
  Elf Aquitaine ..........................................   FR                52,475      6,498,283         0.9
    OIL
  RWE AG .................................................   GER              134,620      5,839,128         0.8
    ELECTRICAL & GAS UTILITIES
  PG&E Corp. .............................................   US               220,000      5,623,750         0.7
    ELECTRICAL & GAS UTILITIES
  Reunies Electrobel & Tractebel S.A. ....................   BEL               57,935      4,935,325         0.7
    ELECTRICAL & GAS UTILITIES
  Groupe Bruxelles Lambert S.A. ..........................   BEL               31,025      4,805,337         0.6
    OIL
  Santos Ltd. ............................................   AUSL             907,472      4,172,138         0.6
    OIL
                                                                                        ------------
                                                                                         106,634,137
                                                                                        ------------
Consumer Non-Durables (7.8%)
  Avon Products, Inc. ....................................   US               182,000     11,921,000         1.6
    PERSONAL CARE/COSMETICS
  Universal Corp. ........................................   US               280,500     10,501,219         1.4
    TOBACCO
  Philip Morris Cos., Inc. ...............................   US               255,000     10,104,375         1.3
    TOBACCO
  Guinness PLC ...........................................   UK               871,500      7,791,169         1.0
    BEVERAGES - ALCOHOLIC
  Pernod Ricard ..........................................   FR               158,720      7,358,318         1.0
    BEVERAGES - ALCOHOLIC
  Cadbury Schweppes PLC ..................................   UK               670,000      6,742,704         0.9
    BEVERAGES - NON-ALCOHOLIC
  Brown-Forman Corp. "B" .................................   US                93,600      4,603,950         0.6
    BEVERAGES - ALCOHOLIC
                                                                                        ------------
                                                                                          59,022,735
                                                                                        ------------
</TABLE>
 
    The accompanying notes are an integral part of the financial statements.
 
                                       F3
<PAGE>
                         GT GLOBAL GROWTH & INCOME FUND
 
                       PORTFOLIO OF INVESTMENTS  (cont'd)
 
                                October 31, 1997
 
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
                                                                                           VALUE         % OF NET
EQUITY INVESTMENTS                                          COUNTRY        SHARES         (NOTE 1)        ASSETS
- ----------------------------------------------------------  --------   --------------   ------------   -------------
<S>                                                         <C>        <C>              <C>            <C>
Services (7.7%)
  Telecom Corporation of New Zealand Limited: ............   NZ                    --             --         1.9
    TELEPHONE NETWORKS
    Common ...............................................   --             2,614,200   $ 12,660,904          --
    ADR{\/} ..............................................   --                38,000      1,479,625          --
  McGraw-Hill, Inc. ......................................   US               162,000     10,590,750         1.4
    BROADCASTING & PUBLISHING
  Woolworths Ltd. ........................................   AUSL           2,100,000      6,776,098         0.9
    RETAILERS-OTHER
  PMP Communications Ltd. ................................   AUSL           2,656,500      5,509,086         0.7
    BROADCASTING & PUBLISHING
  Qantas Airways Ltd. ....................................   AUSL           2,890,000      5,180,668         0.7
    TRANSPORTATION - AIRLINES
  Royal PTT Nederland N.V. ...............................   NETH             112,735      4,309,602         0.6
    TELEPHONE NETWORKS
  Cognizant Corp. ........................................   US               109,800      4,302,788         0.6
    CONSUMER SERVICES
  Dun & Bradstreet Corp. .................................   US               109,800      3,136,163         0.4
    BROADCASTING & PUBLISHING
  EMI Group PLC ..........................................   UK               381,600      3,088,259         0.4
    LEISURE & TOURISM
  ACNielsen Corp.-/- .....................................   US                36,600        837,218         0.1
    CONSUMER SERVICES
                                                                                        ------------
                                                                                          57,871,161
                                                                                        ------------
Materials/Basic Industry (4.7%)
  Akzo Nobel N.V. ........................................   NETH              58,950     10,389,900         1.4
    CHEMICALS
  BASF AG ................................................   GER              234,000      7,937,953         1.1
    CHEMICALS
  Solvay S.A. "A" ........................................   BEL              117,540      7,083,515         0.9
    CHEMICALS
  Monsanto Co. ...........................................   US               160,500      6,861,375         0.9
    CHEMICALS
  Aberfoyle Ltd. .........................................   AUSL           1,160,000      2,324,077         0.3
    METALS - NON-FERROUS
  Solutia, Inc. ..........................................   US                32,100        710,213         0.1
    CHEMICALS
                                                                                        ------------
                                                                                          35,307,033
                                                                                        ------------
Health Care (4.4%)
  Bristol Myers Squibb Co. ...............................   US               277,400     24,341,850         3.2
    PHARMACEUTICALS
  Bayer AG ...............................................   GER              258,600      9,072,369         1.2
    PHARMACEUTICALS
                                                                                        ------------
                                                                                          33,414,219
                                                                                        ------------
</TABLE>
 
    The accompanying notes are an integral part of the financial statements.
 
                                       F4
<PAGE>
                         GT GLOBAL GROWTH & INCOME FUND
 
                       PORTFOLIO OF INVESTMENTS  (cont'd)
 
                                October 31, 1997
 
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
                                                                                           VALUE         % OF NET
EQUITY INVESTMENTS                                          COUNTRY        SHARES         (NOTE 1)        ASSETS
- ----------------------------------------------------------  --------   --------------   ------------   -------------
<S>                                                         <C>        <C>              <C>            <C>
Capital Goods (2.7%)
  General Electric PLC ...................................   UK             1,473,000   $  9,406,990         1.2
    AEROSPACE/DEFENSE
  Lockheed Martin Corp. ..................................   US                69,545      6,611,122         0.9
    AEROSPACE/DEFENSE
  BICC PLC ...............................................   UK             1,559,172      4,354,279         0.6
    INDUSTRIAL COMPONENTS
                                                                                        ------------
                                                                                          20,372,391
                                                                                        ------------
Consumer Durables (1.4%)
  GKN PLC ................................................   UK               460,400     10,324,636         1.4
                                                                                        ------------
    AUTO PARTS
Multi-Industry/Miscellaneous (1.3%)
  VEBA AG ................................................   GER              170,200      9,484,616         1.3
    CONGLOMERATE
                                                                                        ------------       -----
 
TOTAL EQUITY INVESTMENTS (cost $338,444,171) .............                               546,163,855        72.6
                                                                                        ------------       -----
<CAPTION>
 
                                                                         PRINCIPAL         VALUE         % OF NET
FIXED INCOME INVESTMENTS                                    CURRENCY       AMOUNT         (NOTE 1)        ASSETS
- ----------------------------------------------------------  --------   --------------   ------------   -------------
<S>                                                         <C>        <C>              <C>            <C>
Government & Government Agency Obligations (20.6%)
  Australia (0.7%)
    Australian Government, 8.75% due 8/15/08 .............   AUD            5,774,000      4,934,994         0.7
  Canada (1.2%)
    Canadian Government, 8.75% due 12/1/05 ...............   CAD           10,620,000      9,179,080         1.2
  Denmark (0.7%)
    Kingdom of Denmark, 7% due 11/15/07 ..................   DKK           31,100,000      5,034,931         0.7
  Germany (3.8%)
    Deutschland Republic:
      6.75% due 4/22/03 ..................................   DEM           23,000,000     14,318,817         1.9
      6.25% due 1/4/24 ...................................   DEM            4,300,000      2,508,188         0.3
    Treuhandanstalt:
      6.625% due 7/9/03 ..................................   DEM           12,060,000      7,473,074         1.0
      6.375% due 7/1/99 ..................................   DEM            7,000,000      4,192,288         0.6
  Italy (1.8%)
    Italian Buoni Poliennali del Tesoro (BTPS):
      6% due 2/15/00 .....................................   ITL       18,365,000,000     10,984,835         1.5
      10.5% due 9/01/05 ..................................   ITL        2,725,000,000      2,039,827         0.3
  New Zealand (0.4%)
    New Zealand Government, 8% due 4/15/04 ...............   NZD            4,440,000      2,955,320         0.4
  Sweden (0.6%)
    Swedish Government, 8% due 8/15/07 ...................   SEK           30,000,000      4,469,072         0.6
  United Kingdom (4.0%)
    United Kingdom Treasury:
      8% due 6/10/03 .....................................   GBP           14,000,000     24,942,355         3.3
      7.5% due 12/7/06 ...................................   GBP            3,116,000      5,556,353         0.7
</TABLE>
 
    The accompanying notes are an integral part of the financial statements.
 
                                       F5
<PAGE>
                         GT GLOBAL GROWTH & INCOME FUND
 
                       PORTFOLIO OF INVESTMENTS  (cont'd)
 
                                October 31, 1997
 
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
                                                                         PRINCIPAL         VALUE         % OF NET
FIXED INCOME INVESTMENTS                                    CURRENCY       AMOUNT         (NOTE 1)        ASSETS
- ----------------------------------------------------------  --------   --------------   ------------   -------------
<S>                                                         <C>        <C>              <C>            <C>
Government & Government Agency Obligations (Continued)
  United States (7.4%)
    United States Treasury Bonds:
      6% due 2/15/26 .....................................   USD           24,060,000   $ 23,404,459         3.1
      6.25% due 8/15/23 ..................................   USD            9,075,000      9,101,587         1.2
    United States Treasury Notes:
      7.5% due 2/15/05 ...................................   USD           15,460,000     16,928,096         2.2
      6.5% due 8/15/05 ...................................   USD            2,580,000      2,676,397         0.3
    Federal National Mortgage Association, 6.375% due
     8/15/07 .............................................   AUD            5,940,000      4,241,014         0.6
                                                                                        ------------
Total Government & Government Agency Obligations (cost
 $151,129,623) ...........................................                               154,940,687
                                                                                        ------------
Corporate Bonds (5.5%)
  Germany (2.5%)
    Siemens Capital Corp., 8% due 6/24/02+/+ .............   USD            4,710,000      7,985,805         1.1
    Commerzbank AG, Convertible Bond, 9.45% due
     12/31/00+ ...........................................   DEM            4,173,000      6,630,339         0.9
    Deutsche Bank AG, 9.00% due 12/31/02+/+ ..............   DEM            5,625,000      3,892,976         0.5
  United Kingdom (3.0%)
    Daily Mail & General Trust, Convertible Bond, 5.75%
     due 9/26/03 .........................................   GBP            3,405,000      7,795,748         1.0
    Land Securities PLC, Convertible Bond, 9.375% due
     7/31/04 .............................................   GBP            3,485,000      7,679,334         1.0
    MBNA Chester Asset Receivable #3, 6.6% due
     11/17/03+ ...........................................   GBP            4,500,000      7,568,182         1.0
                                                                                        ------------
Total Corporate Bonds (cost $33,669,644) .................                                41,552,384
                                                                                        ------------       -----
 
TOTAL FIXED INCOME INVESTMENTS (cost $184,799,267) .......                               196,493,071        26.1
                                                                                        ------------       -----
 
<CAPTION>
 
                                                                           NO. OF          VALUE         % OF NET
WARRANTS                                                    COUNTRY       WARRANTS        (NOTE 1)        ASSETS
- ----------------------------------------------------------  --------   --------------   ------------   -------------
<S>                                                         <C>        <C>              <C>            <C>
  Societe Generale Banque put warrants due 11/15/99
   Tractebel (cost $0) ...................................   BEL               11,587         84,839          --
                                                                                        ------------       -----
    BANKS-MONEY CENTER
<CAPTION>
 
                                                                           NO. OF          VALUE         % OF NET
RIGHTS                                                      COUNTRY        RIGHTS         (NOTE 1)        ASSETS
- ----------------------------------------------------------  --------   --------------   ------------   -------------
<S>                                                         <C>        <C>              <C>            <C>
  Infrastructure Trust of Australia Group Rights, expire
   12/1/97 (cost $0) .....................................   AUSL             943,333          6,632          --
                                                                                        ------------       -----
    OTHER FINANCIAL
</TABLE>
 
    The accompanying notes are an integral part of the financial statements.
 
                                       F6
<PAGE>
                         GT GLOBAL GROWTH & INCOME FUND
 
                       PORTFOLIO OF INVESTMENTS  (cont'd)
 
                                October 31, 1997
 
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
                                                                                           VALUE         % OF NET
REPURCHASE AGREEMENT                                                                      (NOTE 1)        ASSETS
- ----------------------------------------------------------                              ------------   -------------
<S>                                                         <C>        <C>              <C>            <C>
  Dated October 31, 1997, with State Street Bank & Trust
   Co., due November 3, 1997, for an effective yield of
   5.57%, collateralized by $1,935,000 U.S. Treasury
   Bonds, 8.875% due 8/15/17 (market value of collateral
   is $2,538,597, including accrued interest). (cost
   $2,485,384) ...........................................                              $  2,485,383         0.3
                                                                                        ------------       -----
 
TOTAL INVESTMENTS (cost $525,728,822)  * .................                               745,233,780        99.0
Other Assets and Liabilities .............................                                 7,244,043         1.0
                                                                                        ------------       -----
 
NET ASSETS ...............................................                              $752,477,823       100.0
                                                                                        ------------       -----
                                                                                        ------------       -----
</TABLE>
 
- --------------
 
        -/-  Non-income producing security.
       {\/}  U.S. currency denominated.
          +  The coupon rate shown on floating rate note represents the rate at
             period end.
        +/+  Issued with detachable warrants or value recovery rights. The
             current market value of each warrant or right is zero.
          *  For Federal income tax purposes, cost is $527,143,379 and
             appreciation (depreciation) is as follows:
 
<TABLE>
                 <S>                              <C>
                 Unrealized appreciation:         $ 232,777,964
                 Unrealized depreciation:           (14,687,563)
                                                  -------------
                 Net unrealized appreciation:     $ 218,090,401
                                                  -------------
                                                  -------------
</TABLE>
 
    Abbreviation:
    ADR--American Depository Receipt
 
    The accompanying notes are an integral part of the financial statements.
 
                                       F7
<PAGE>
                         GT GLOBAL GROWTH & INCOME FUND
 
                       PORTFOLIO OF INVESTMENTS  (cont'd)
 
                                October 31, 1997
 
- --------------------------------------------------------------------------------
The Fund's Portfolio of Investments at October 31, 1997, was concentrated in the
following countries:
 
<TABLE>
<CAPTION>
                                               PERCENTAGE OF NET ASSETS {D}
                                        -------------------------------------------
                                                 FIXED INCOME,
                                                   RIGHTS &      SHORT-TERM
COUNTRY (COUNTRY CODE/CURRENCY CODE)    EQUITY     WARRANTS       & OTHER     TOTAL
- --------------------------------------  ------   -------------   ----------   -----
<S>                                     <C>      <C>             <C>          <C>
Australia (AUSL/AUD) .................    5.2         0.7                       5.9
Belgium (BEL/BEF) ....................    4.7                                   4.7
Canada (CAN/CAD) .....................                1.2                       1.2
Denmark (DEN/DKK) ....................                0.7                       0.7
France (FR/FRF) ......................    1.9                                   1.9
Germany (GER/DEM) ....................    6.7         6.3                      13.0
Italy (ITLY/ITL) .....................                1.8                       1.8
Netherlands (NETH/NLG) ...............   10.8                                  10.8
New Zealand (NZ/NZD) .................    1.9         0.4                       2.3
Sweden (SWDN/SEK) ....................                0.6                       0.6
Switzerland (SWTZ/CHF) ...............    9.0                                   9.0
United Kingdom (UK/GBP) ..............   13.5         7.0                      20.5
United States & Other (US/USD) .......   18.9         7.4            1.3       27.6
                                        ------      -----            ---      -----
Total  ...............................   72.6        26.1            1.3      100.0
                                        ------      -----            ---      -----
                                        ------      -----            ---      -----
</TABLE>
 
- --------------
 
{d}  Percentages indicated are based on net assets of $752,477,823.
 
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
 
                 FORWARD FOREIGN CURRENCY CONTRACTS OUTSTANDING
                                OCTOBER 31, 1997
 
<TABLE>
<CAPTION>
                                          MARKET VALUE                        UNREALIZED
                                             (U.S.       CONTRACT  DELIVERY  APPRECIATION
CONTRACTS TO SELL:                          DOLLARS)      PRICE      DATE    (DEPRECIATION)
- ----------------------------------------  ------------   --------  --------  -------------
<S>                                       <C>            <C>       <C>       <C>
Deutsche Marks..........................    26,803,508    1.80000  11/21/97   $(1,136,841)
French Francs...........................     2,481,413    6.14000  11/21/97      (152,423)
French Francs...........................     1,238,580    5.72800  02/06/98           945
Netherland Guilders.....................    10,870,680    2.08800  11/14/97      (765,316)
Swiss Francs............................    12,639,800    1.44000  12/19/97      (417,578)
                                          ------------                       -------------
  Total Contracts to Sell (Receivable
   amount $51,562,768)..................    54,033,981                         (2,471,213)
                                          ------------                       -------------
THE VALUE OF CONTRACTS TO SELL AS
 PERCENTAGE OF NET ASSETS IS 7.18%.
  Total Open Forward Foreign Currency
   Contracts............................                                      $(2,471,213)
                                                                             -------------
                                                                             -------------
</TABLE>
 
- ----------------
See Note 1 to the financial statements.
 
    The accompanying notes are an integral part of the financial statements.
 
                                       F8
<PAGE>
                         GT GLOBAL GROWTH & INCOME FUND
 
                              STATEMENT OF ASSETS
                                 AND LIABILITIES
                                October 31, 1997
 
- --------------------------------------------------------------------------------
 
<TABLE>
<S>                                                                                   <C>      <C>
Assets:
  Investments in securities, at value (cost $525,728,822) (Note 1)...........................  $745,233,780
  U.S. currency.....................................................................  $   710
  Foreign currencies (cost $66,141).................................................   65,897        66,607
                                                                                      -------
  Receivable for Fund shares sold............................................................     6,808,910
  Interest and interest withholding tax reclaims receivable..................................     4,291,268
  Dividends and dividend withholding tax reclaims receivable.................................     1,596,979
                                                                                               ------------
    Total assets.............................................................................   757,997,544
                                                                                               ------------
Liabilities:
  Payable for open forward foreign currency contracts (Note 1)...............................     2,471,213
  Payable for Fund shares repurchased (Note 2)...............................................     1,507,330
  Payable for investment management and administration fees (Note 2).........................       631,265
  Payable for service and distribution expenses (Note 2).....................................       484,947
  Payable for printing and postage expenses..................................................       124,328
  Payable for forward foreign currency contracts -- closed (Note 1)..........................        97,836
  Payable for transfer agent fees (Note 2)...................................................        94,599
  Payable for custodian fees (Note 1)........................................................        37,200
  Payable for professional fees..............................................................        33,142
  Payable for fund accounting fees (Note 2)..................................................        16,751
  Payable for registration and filing fees...................................................         9,540
  Payable for Directors' fees and expenses (Note 2)..........................................         7,754
  Other accrued expenses.....................................................................         3,816
                                                                                               ------------
    Total liabilities........................................................................     5,519,721
                                                                                               ------------
Net assets...................................................................................  $752,477,823
                                                                                               ------------
                                                                                               ------------
Class A:
Net asset value and redemption price per share ($292,527,640 DIVIDED BY 35,620,970 shares
 outstanding)................................................................................  $       8.21
                                                                                               ------------
                                                                                               ------------
Maximum offering price per share (100/95.25 of $8.21) *......................................  $       8.62
                                                                                               ------------
                                                                                               ------------
Class B:+
Net asset value and offering price per share ($456,893,047 DIVIDED BY 55,651,933 shares
 outstanding)................................................................................  $       8.21
                                                                                               ------------
                                                                                               ------------
Advisor Class:
Net asset value, offering price per share, and redemption price per share ($3,057,136 DIVIDED
 BY 372,705 shares outstanding)..............................................................  $       8.20
                                                                                               ------------
                                                                                               ------------
Net assets consist of:
  Paid in capital (Note 4)...................................................................  $521,143,879
  Accumulated net realized gain on investments and foreign currency transactions.............    14,233,867
  Net unrealized depreciation on translation of assets and liabilities in foreign
   currencies................................................................................    (2,404,881)
  Net unrealized appreciation of investments.................................................   219,504,958
                                                                                               ------------
Total -- representing net assets applicable to capital shares outstanding....................  $752,477,823
                                                                                               ------------
                                                                                               ------------
<FN>
- --------------
   * On sales of $50,000 or more, the offering price is reduced.
   + Redemption price per share is equal to the net asset value per share less
     any applicable contingent deferred sales charge.
</TABLE>
 
    The accompanying notes are an integral part of the financial statements.
 
                                       F9
<PAGE>
                         GT GLOBAL GROWTH & INCOME FUND
 
                            STATEMENT OF OPERATIONS
 
                          Year ended October 31, 1997
 
- --------------------------------------------------------------------------------
 
<TABLE>
<S>                                                           <C>          <C>
Investment income: (Note 1)
  Dividend income (net of foreign withholding tax of $1,854,546).........  $ 16,116,249
  Interest income (net of foreign withholding tax of $3,879).............    14,091,494
  Other income...........................................................        43,134
                                                                           ------------
    Total investment income..............................................    30,250,877
                                                                           ------------
Expenses:
  Investment management and administration fees (Note 2).................     6,900,695
  Service and distribution expenses: (Note 2)
    Class A.................................................  $   994,519
    Class B.................................................    4,233,024     5,227,543
                                                              -----------
  Transfer agent fees (Note 2)...........................................     1,258,598
  Custodian fees (Note 1)................................................       472,449
  Printing and postage expenses..........................................       230,825
  Fund accounting fees (Note 2)..........................................       183,323
  Registration and filing fees...........................................        70,955
  Audit fees.............................................................        54,630
  Legal fees.............................................................        25,414
  Directors' fees and expenses (Note 2)..................................        14,779
  Other expenses (Note 1)................................................        30,664
                                                                           ------------
    Total expenses before reductions.....................................    14,469,875
                                                                           ------------
      Expense reductions (Notes 1 & 5)...................................    (1,009,844)
                                                                           ------------
    Total net expenses...................................................    13,460,031
                                                                           ------------
Net investment income....................................................    16,790,846
                                                                           ------------
Net realized and unrealized gain on investments and foreign
  currencies: (Note 1)
  Net realized gain on investments..........................   11,255,273
  Net realized gain on foreign currency transactions........   12,750,255
                                                              -----------
    Net realized gain during the year....................................    24,005,528
  Net change in unrealized depreciation on translation of
   assets and liabilities in foreign currencies.............   (4,059,448)
  Net change in unrealized appreciation of investments......   84,674,909
                                                              -----------
    Net unrealized appreciation during the year..........................    80,615,461
                                                                           ------------
Net realized and unrealized gain on investments and foreign currencies...   104,620,989
                                                                           ------------
Net increase in net assets resulting from operations.....................  $121,411,835
                                                                           ------------
                                                                           ------------
</TABLE>
 
    The accompanying notes are an integral part of the financial statements.
 
                                      F10
<PAGE>
                         GT GLOBAL GROWTH & INCOME FUND
 
                       STATEMENT OF CHANGES IN NET ASSETS
 
- --------------------------------------------------------------------------------
 
<TABLE>
<CAPTION>
                                                                                YEAR ENDED    YEAR ENDED
                                                                               OCTOBER 31,   OCTOBER 31,
                                                                                   1997          1996
                                                                               ------------  ------------
<S>                                                                            <C>           <C>
Increase in net assets
Operations:
  Net investment income......................................................  $ 16,790,846  $ 18,175,444
  Net realized gain on investments and foreign currency transactions.........    24,005,528    15,732,409
  Net change in unrealized appreciation (depreciation) on translation of
   assets and liabilities in foreign currencies..............................    (4,059,448)    1,957,055
  Net change in unrealized appreciation of investments.......................    84,674,909    62,236,320
                                                                               ------------  ------------
    Net increase in net assets resulting from operations.....................   121,411,835    98,101,228
                                                                               ------------  ------------
Class A:
Distributions to shareholders: (Note 1)
  From net investment income.................................................    (7,733,156)   (9,963,848)
  From net realized gain on investments......................................      (757,327)   (1,766,763)
Class B:
Distributions to shareholders: (Note 1)
  From net investment income.................................................    (9,266,887)  (10,894,963)
  From net realized gain on investments......................................      (907,529)   (2,225,842)
Advisor Class:
Distributions to shareholders: (Note 1)
  From net investment income.................................................      (125,777)      (65,132)
  From net realized gain on investments......................................       (12,318)       (5,890)
                                                                               ------------  ------------
    Total distributions......................................................   (18,802,994)  (24,922,438)
                                                                               ------------  ------------
Capital share transactions: (Note 4)
  Increase from capital shares sold and reinvested...........................   426,976,337   237,835,679
  Decrease from capital shares repurchased...................................  (450,361,754) (279,569,655)
                                                                               ------------  ------------
    Net decrease from capital share transactions.............................   (23,385,417)  (41,733,976)
                                                                               ------------  ------------
Total increase in net assets.................................................    79,223,424    31,444,814
Net assets:
  Beginning of year..........................................................   673,254,399   641,809,585
                                                                               ------------  ------------
  End of year................................................................  $752,477,823* $673,254,399*
                                                                               ------------  ------------
                                                                               ------------  ------------
 * Includes undistributed net investment income of...........................  $         --  $    755,291
                                                                               ------------  ------------
                                                                               ------------  ------------
</TABLE>
 
    The accompanying notes are an integral part of the financial statements.
 
                                      F11
<PAGE>
                         GT GLOBAL GROWTH & INCOME FUND
 
                              FINANCIAL HIGHLIGHTS
 
- --------------------------------------------------------------------------------
Contained below is per share operating performance data for a share outstanding
throughout each period, total investment return, ratios and supplemental data.
This information has been derived from information provided in the financial
statements.
 
<TABLE>
<CAPTION>
 
                                                                   CLASS A
                                          ----------------------------------------------------------
                                                            YEAR ENDED OCTOBER 31,
                                          ----------------------------------------------------------
                                           1997 (D)      1996        1995        1994      1993 (D)
                                          ----------  ----------  ----------  ----------  ----------
<S>                                       <C>         <C>         <C>         <C>         <C>
Per Share Operating Performance:
Net asset value, beginning of period....  $    7.11   $    6.35   $    6.21   $    6.29   $    5.28
                                          ----------  ----------  ----------  ----------  ----------
Income from investment operations:
  Net investment income.................       0.21        0.22        0.24        0.22        0.24*
  Net realized and unrealized gain
   (loss) on investments................       1.12        0.82        0.13       (0.03)       1.05
                                          ----------  ----------  ----------  ----------  ----------
    Net increase from investment
     operations.........................       1.33        1.04        0.37        0.19        1.29
                                          ----------  ----------  ----------  ----------  ----------
Distributions to shareholders:
  From net investment income............      (0.21)      (0.24)      (0.22)      (0.21)      (0.24)
  From net realized gain on
   investments..........................      (0.02)      (0.04)      (0.01)      (0.06)         --
  From sources other than net investment
   income...............................         --          --          --          --       (0.04)
                                          ----------  ----------  ----------  ----------  ----------
    Total distributions.................      (0.23)      (0.28)      (0.23)      (0.27)      (0.28)
                                          ----------  ----------  ----------  ----------  ----------
Net asset value, end of period..........  $    8.21   $    7.11   $    6.35   $    6.21   $    6.29
                                          ----------  ----------  ----------  ----------  ----------
                                          ----------  ----------  ----------  ----------  ----------
 
Total investment return (c).............      19.01%      16.80%       6.27%       3.14%       25.1%
Ratios and supplemental data:
Net assets, end of period (in 000's)....  $ 292,528   $ 286,203   $ 284,069   $ 317,847   $ 251,428
Ratio of net investment income to
 average net assets.....................       2.74%       3.17%       3.85%       3.30%        3.3%*
Ratio of expenses to average net assets:
  With expense reductions (Notes 1 &
   5)...................................       1.50%       1.59%       1.70%       1.67%        1.8%*
  Without expense reductions............       1.64%       1.66%       1.74%        N/A         N/A
Portfolio turnover rate++...............         50%         39%         83%        117%         24%
Average commission rate per share paid
 on portfolio transactions++............  $  0.0151   $  0.0139         N/A         N/A         N/A
</TABLE>
 
- ----------------
 
  +  Commencing June 1, 1995, the Fund began offering Advisor Class shares.
 ++  Portfolio turnover rate and average commission rate are calculated on
     the basis of the Fund as a whole without distinguishing between the
     class of shares issued.
  *  Includes reimbursement by Chancellor LGT Asset Management, Inc. of
     Fund operating expenses of $0.005 for the year ended October 31, 1993.
     Without such reimbursement, the expense ratio would have been 1.9% and
     the ratio of net investment income to average net assets would have
     been 3.2%.
 (a) Annualized
 (b) Not annualized
 (c) Total investment return does not include sales charges.
 (d) These selected per share data were calculated based upon average
     shares outstanding during the year.
 
    The accompanying notes are an integral part of the financial statements.
 
                                      F12
<PAGE>
                         GT GLOBAL GROWTH & INCOME FUND
 
                         FINANCIAL HIGHLIGHTS  (cont'd)
 
- --------------------------------------------------------------------------------
Contained below is per share operating performance data for a share outstanding
throughout each period, total investment return, ratios and supplemental data.
This information has been derived from information provided in the financial
statements.
<TABLE>
<CAPTION>
                                                                   CLASS B
                                          ----------------------------------------------------------
                                                            YEAR ENDED OCTOBER 31,
                                          ----------------------------------------------------------
                                           1997 (D)      1996        1995        1994      1993 (D)
                                          ----------  ----------  ----------  ----------  ----------
<S>                                       <C>         <C>         <C>         <C>         <C>
Per Share Operating Performance:
Net asset value, beginning of period....  $    7.11   $    6.35   $    6.21   $    6.29   $    5.28
                                          ----------  ----------  ----------  ----------  ----------
Income from investment operations:
  Net investment income.................       0.16        0.17        0.20        0.18        0.20
  Net realized and unrealized gain
   (loss) on investments................       1.13        0.82        0.13       (0.03)       1.05
                                          ----------  ----------  ----------  ----------  ----------
    Net increase from investment
     operations.........................       1.29        0.99        0.33        0.15        1.25
                                          ----------  ----------  ----------  ----------  ----------
Distributions to shareholders:
  From net investment income............      (0.17)      (0.20)      (0.18)      (0.17)      (0.20)
  From net realized gain on
   investments..........................      (0.02)      (0.03)      (0.01)      (0.06)         --
  From sources other than net investment
   income...............................         --          --          --          --       (0.04)
                                          ----------  ----------  ----------  ----------  ----------
    Total distributions.................      (0.19)      (0.23)      (0.19)      (0.23)      (0.24)
                                          ----------  ----------  ----------  ----------  ----------
Net asset value, end of period..........  $    8.21   $    7.11   $    6.35   $    6.21   $    6.29
                                          ----------  ----------  ----------  ----------  ----------
                                          ----------  ----------  ----------  ----------  ----------
 
Total investment return (c).............      18.28%      16.06%       5.57%       2.48%       24.3%
Ratios and supplemental data:
Net assets, end of period (in 000's)....  $ 456,893   $ 383,966   $ 356,796   $ 359,242   $ 150,768
Ratio of net investment income to
 average net assets.....................       2.09%       2.52%       3.20%       2.65%        2.6%
Ratio of expenses to average net assets:
  With expense reductions (Notes 1 &
   5)...................................       2.15%       2.24%       2.35%       2.32%        2.5%
  Without expense reductions............       2.29%       2.31%       2.39%        N/A         N/A
Portfolio turnover rate++...............         50%         39%         83%        117%         24%
Average commission rate per share paid
 on portfolio transactions++............  $  0.0151   $  0.0139         N/A         N/A         N/A
 
<CAPTION>
                                                       ADVISOR CLASS+
                                          ----------------------------------------
                                             YEAR                    JUNE 1, 1995
                                             ENDED      YEAR ENDED        TO
                                          OCTOBER 31,   OCTOBER 31,   OCTOBER 31,
                                           1997 (D)        1996          1995
                                          -----------   -----------  -------------
<S>                                       <C>           <C>          <C>
Per Share Operating Performance:
Net asset value, beginning of period....   $  7.10       $    6.35     $    6.24
                                          -----------   -----------  -------------
Income from investment operations:
  Net investment income.................      0.23            0.23          0.11
  Net realized and unrealized gain
   (loss) on investments................      1.13            0.82          0.13
                                          -----------   -----------  -------------
    Net increase from investment
     operations.........................      1.36            1.05          0.24
                                          -----------   -----------  -------------
Distributions to shareholders:
  From net investment income............     (0.24)          (0.26)        (0.13)
  From net realized gain on
   investments..........................     (0.02)          (0.04)           --
  From sources other than net investment
   income...............................        --              --            --
                                          -----------   -----------  -------------
    Total distributions.................     (0.26)          (0.30)        (0.13)
                                          -----------   -----------  -------------
Net asset value, end of period..........   $  8.20       $    7.10     $    6.35
                                          -----------   -----------  -------------
                                          -----------   -----------  -------------
Total investment return (c).............     19.23%          17.19%         3.83%(b)
Ratios and supplemental data:
Net assets, end of period (in 000's)....   $ 3,057       $   3,085     $     944
Ratio of net investment income to
 average net assets.....................      3.09%           3.52%         4.20%(a)
Ratio of expenses to average net assets:
  With expense reductions (Notes 1 &
   5)...................................      1.15%           1.24%         1.35%(a)
  Without expense reductions............      1.29%           1.31%         1.39%(a)
Portfolio turnover rate++...............        50%             39%           83%
Average commission rate per share paid
 on portfolio transactions++............   $0.0151       $  0.0139           N/A
</TABLE>
 
- ----------------
 
  +  Commencing June 1, 1995, the Fund began offering Advisor Class shares.
 ++  Portfolio turnover rate and average commission rate are calculated on
     the basis of the Fund as a whole without distinguishing between the
     class of shares issued.
  *  Includes reimbursement by Chancellor LGT Asset Management, Inc. of
     Fund operating expenses of $0.005 for the year ended October 31, 1993.
     Without such reimbursement, the expense ratio would have been 1.9% and
     the ratio of net investment income to average net assets would have
     been 3.2%.
 (a) Annualized
 (b) Not annualized
 (c) Total investment return does not include sales charges.
 (d) These selected per share data were calculated based upon average
     shares outstanding during the year.
 
    The accompanying notes are an integral part of the financial statements.
 
                                      F13
<PAGE>
                         GT GLOBAL GROWTH & INCOME FUND
 
                                    NOTES TO
                              FINANCIAL STATEMENTS
                                October 31, 1997
 
- --------------------------------------------------------------------------------
 
1. SIGNIFICANT ACCOUNTING POLICIES
GT Global Growth & Income Fund ("Fund") is a separate series of G.T. Investment
Funds, Inc. ("Company"). The Company is organized as a Maryland corporation and
is registered under the Investment Company Act of 1940, as amended ("1940 Act"),
as a non-diversified, open-end management investment company. The Company has
thirteen series of shares in operation, each series corresponding to a distinct
portfolio of investments.
 
The Fund offers Class A, Class B, and Advisor Class shares, each of which has
equal rights as to assets and voting privileges. Class A and Class B each has
exclusive voting rights with respect to its distribution plan. Investment
income, realized and unrealized capital gains and losses, and the common
expenses of the Fund are allocated on a pro rata basis to each class based on
the relative net assets of each class to the total net assets of the Fund. Each
class of shares differs in its respective service and distribution expenses, and
may differ in its transfer agent, registration, and certain other class-specific
fees and expenses.
 
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of income and expenses during the reporting period. Actual
results could differ from those estimates. The following is a summary of
significant accounting policies in conformity with generally accepted accounting
principles consistently followed by the Funds in the preparation of the
financial statements.
 
(A) PORTFOLIO VALUATION
The Fund calculates the net asset value of and completes orders to purchase,
exchange or repurchase Fund shares on each business day, with the exception of
those days on which the New York Stock Exchange is closed.
 
Equity securities are valued at the last sale price on the exchange on which
such securities are traded, or on the principal over-the-counter market on which
such securities are traded, as of the close of business on the day the
securities are being valued, or, lacking any sales, at the last available bid
price. In cases where securities are traded on more than one exchange, the
securities are valued on the exchange determined by, Chancellor LGT Asset
Management, Inc. ("the Manager") to be the primary market.
 
Fixed income investments are valued at the mean of representative quoted bid and
ask prices for such investments or, if such prices are not available, at prices
for investments of comparative maturity, quality and type; however, when the
Fund deems it appropriate, prices obtained for the day of valuation from a bond
pricing service will be used. Short-term investments are valued at amortized
cost adjusted for foreign exchange translation and market fluctuations, if any.
 
Investments for which market quotations are not readily available (including
restricted securities which are subject to limitations on their sale) are valued
at fair value as determined in good faith by or under the direction of the
Company's Board of Directors.
 
Portfolio securities which are primarily traded on foreign exchanges are
generally valued at the preceding closing values of such securities on their
respective exchanges, and those values are then translated into U.S. dollars at
the current exchange rates, except that when an occurrence subsequent to the
time a value was so established is likely to have materially changed such value,
then the fair value of those securities will be determined by consideration of
other factors by or under the direction of the Company's Board of Directors.
 
(B) FOREIGN CURRENCY TRANSLATION
The accounting records of the Fund are maintained in U.S. dollars. The market
values of foreign securities, currency holdings, and other assets and
liabilities are recorded in the books and records of the Fund after translation
to U.S. dollars based on the exchange rates on that day. The cost of each
security is determined using historical exchange rates. Income and withholding
taxes are translated at prevailing exchange rates when earned or incurred.
 
The Fund does not isolate that portion of the results of operations resulting
from changes in foreign exchange rates on investments from the fluctuations
arising from changes in market prices of securities held. Such fluctuations are
included with the net realized and unrealized gain or loss from investments.
 
Reported net realized foreign exchange gains or losses arise from sales and
maturities of short-term securities, forward foreign currency contracts, sales
of foreign currencies, currency gains or losses realized between the trade and
settlement dates on securities transactions, and the difference between the
amounts of dividends, interest, and foreign withholding taxes recorded on the
Fund's books and the U.S. dollar equivalent of the amounts actually received or
paid. Net unrealized foreign exchange gains and losses arise from changes in the
value of assets and liabilities other than investments in securities at year
end, resulting from changes in exchange rates.
 
(C) REPURCHASE AGREEMENTS
With respect to repurchase agreements entered into by the Fund, it is the Fund's
policy to always receive, as collateral, United States government securities or
other high quality debt securities of which the value, including accrued
interest, is at least equal to the amount to be repaid to the Fund under each
agreement at its maturity.
 
(D) FORWARD FOREIGN CURRENCY CONTRACTS
A forward foreign currency contract ("Forward Contract") is an agreement between
two parties to buy and sell a currency at a set price on a future date. The
market value of the Forward Contract
 
                                      F14
<PAGE>
                         GT GLOBAL GROWTH & INCOME FUND
 
fluctuates with changes in currency exchange rates. The Forward Contract is
marked-to-market daily and the change in market value is recorded by the Fund as
an unrealized gain or loss. When the Forward Contract is closed, the Fund
records a realized gain or loss equal to the difference between the value at the
time it was opened and the value at the time it was closed. Forward Contracts
involve market risk in excess of the amounts shown in the Fund's "Statement of
Assets and Liabilities." The Fund could be exposed to risk if a counter party is
unable to meet the terms of the contract or if the value of the currency changes
unfavorably. The Fund may enter into Forward Contracts in connection with
planned purchases or sales of securities, or to hedge against adverse
fluctuations in exchange rates between currencies.
 
(E) OPTION ACCOUNTING PRINCIPLES
When the Fund writes a call or put option, an amount equal to the premium
received is included in the Fund's "Statement of Assets and Liabilities" as an
asset and an equivalent liability. The amount of the liability is subsequently
marked-to-market to reflect the current market value of the option. The current
market value of an option listed on a traded exchange is valued at its last bid
price, or, in the case of an over-the-counter option, is valued at the average
of the last bid prices obtained from brokers. If an option expires on its
stipulated expiration date or if the Fund enters into a closing purchase
transaction, a gain or loss is realized without regard to any unrealized gain or
loss on the underlying security, and the liability related to such option is
extinguished. If a written call option is exercised, a gain or loss is realized
from the sale of the underlying security and the proceeds of the sale are
increased by the premium originally received. If a written put option is
exercised, the cost of the underlying security purchased would be decreased by
the premium originally received. The Fund can write options only on a covered
basis, which, for a call, requires that the Fund hold the underlying security
and, for a put, requires the Fund to set aside cash, U.S. government securities,
or other liquid, high grade debt securities in an amount not less than the
exercise price or otherwise provide adequate cover at all times while the put
option is outstanding. The Fund may use options to manage its exposure to the
stock or bond market and to fluctuations in currency values or interest rates.
 
The premium paid by the Fund for the purchase of a call or put option is
included in the Fund's "Statement of Assets and Liabilities" as an investment
and subsequently "marked-to-market" to reflect the current market value of the
option. If an option which the Fund has purchased expires on the stipulated
expiration date, the Fund realizes a loss in the amount of the cost of the
option. If the Fund enters into a closing sale transaction, the Fund realizes a
gain or loss, depending on whether proceeds from the closing sale transaction
are greater or less than the cost of the option. If the Fund exercises a call
option, the cost of the securities acquired by exercising the call is increased
by the premium paid to buy the call. If the Fund exercises a put option, it
realizes a gain or loss from the sale of the underlying security, and the
proceeds from such sale are decreased by the premium originally paid.
 
The risk associated with purchasing options is limited to the premium originally
paid. The risk in writing a call option is that the Fund may forego the
opportunity of profit if the market value of the underlying security or index
increases and the option is exercised. The risk in writing a put option is that
the Fund may incur a loss if the market value of the underlying security or
index decreases and the option is exercised. In addition, there is the risk the
Fund may not be able to enter into a closing transaction because of an illiquid
secondary market.
 
(F) FUTURES CONTRACTS
A futures contract is an agreement between two parties to buy and sell a
security at a set price on a future date. Upon entering into such a contract the
Fund is required to pledge to the broker an amount of cash or securities equal
to the minimum "initial margin" requirements of the exchange on which the
contract is traded. Pursuant to the contract, the Fund agrees to receive from or
pay to the broker an amount of cash equal to the daily fluctuation in value of
the contract. Such receipts or payments are known as "variation margin" and are
recorded by the Fund as unrealized gains or losses. When the contract is closed,
the Fund records a realized gain or loss equal to the difference between the
value of the contract at the time it was opened and the value at the time it was
closed. The potential risk to the Fund is that the change in value of the
underlying securities may not correlate to the change in value of the contracts.
The Fund may use futures contracts to manage its exposure to the stock or bond
market and to fluctuations in currency values or interest rates.
 
(G) SECURITY TRANSACTIONS AND RELATED INVESTMENT INCOME
Security transactions are accounted for on the trade date (date the order to buy
or sell is executed). The cost of securities sold is determined on a first-in,
first-out basis, unless otherwise specified. Dividends are recorded on the
ex-dividend date. Interest income is recorded on the accrual basis. Where a high
level of uncertainty exists as to collection, income is recorded net of all
withholding tax with any rebate recorded when received. The Fund may trade
securities on other than normal settlement terms. This may increase the risk if
the other to the transaction fails to deliver and causes the Fund to
subsequently invest at less advantageous prices.
 
(H) PORTFOLIO SECURITIES LOANED
At October 31, 1997, stocks with an aggregate value of approximately $51,986,675
were on loan to brokers. The loans were secured by cash collateral of
$54,846,747. For international securities, cash collateral is received by the
Fund against loaned securities in an amount at least equal to 105% of the market
value of the loaned securities at the inception of each loan. This collateral
must be maintained at not less than 103% of the market value of the loaned
securities during the period of the loan. For domestic securities, cash
collateral is received by the Fund against loaned securities in an amount at
least equal to 102% of the market value of the loaned securities at the
inception of each loan. This collateral must be maintained at not less than 100%
of the market value of the loaned securities during the period of the loan. For
the year ended October 31, 1997, the Fund
 
                                      F15
<PAGE>
                         GT GLOBAL GROWTH & INCOME FUND
 
received $976,164 of income from securities lending which was used to offset the
Fund's custody and administrative expenses.
 
(I) TAXES
It is the policy of the Fund to meet the requirements for qualification as a
"regulated investment company" under the Internal Revenue Code of 1986, as
amended ("Code"). It is also the intention of the Fund to make distributions
sufficient to avoid imposition of any excise tax under Section 4982 of the Code.
Therefore, no provision has been made for Federal taxes on income, capital
gains, or unrealized appreciation of securities held, and excise tax on income
and capital gains.
 
(J) DISTRIBUTIONS TO SHAREHOLDERS
Distributions to shareholders are recorded by the Fund on the ex-date. Income
and capital gain distributions are determined in accordance with Federal income
tax regulations which may differ from generally accepted accounting principles.
These differences are primarily due to differing treatments of income and gains
on various investment securities held by the Fund and timing differences.
 
(K) FOREIGN SECURITIES
There are certain additional considerations and risks associated with investing
in foreign securities and currency transactions that are not inherent in
investment of domestic origin. The Fund's investments in emerging market
countries may involve greater risks than investments in more developed markets
and the price of such investments may be volatile. These risks of investing in
foreign and emerging markets may include foreign currency exchange rate
fluctuations, perceived credit risk, adverse political and economic developments
and possible adverse foreign government intervention.
 
(L) INDEXED SECURITIES
The Fund may invest in indexed securities whose value is linked either directly
or indirectly to changes in foreign currencies, interest rates, equities,
indices, or other reference instruments. Indexed securities may be more volatile
than the reference instrument itself, but any loss is limited to the amount of
the original investment.
 
(M) RESTRICTED SECURITIES
The Fund is permitted to invest in privately placed restricted securities. These
securities may be resold in transactions exempt from registration or to the
public if the securities are registered. Disposal of these securities may
involve time-consuming negotiations and expense, and prompt sale at an
acceptable price may be difficult.
 
(N) LINE OF CREDIT
The Fund, along with certain other funds ("GT Funds") advised or administered by
the Manager, has a line of credit with each of BankBoston and State Street Bank
& Trust Company. The arrangements with the banks allow the Fund and the GT Funds
to borrow an aggregate maximum amount of $200,000,000. The Fund is limited to
borrowing up to 33 1/3% of the value of each Fund's total assets. On October 31,
1997, the Fund had no loan outstanding.
 
For the year ended October 31, 1997, the weighted average outstanding daily
balance of bank loans (based on the number of days the loans were outstanding)
for the Fund was $2,560,909, with a weighted average interest rate of 6.41%.
Interest expense for the Fund for the year ended October 31, 1997 was $5,014,
included in "Other Expenses" on the Statement of Operations.
 
2. RELATED PARTIES
Chancellor LGT Asset Management, Inc., is the Funds' investment manager and
administrator. The Fund pays investment management and administration fees to
the Manager at the annualized rate of 0.975% on the first $500 million of
average daily net assets of the Fund; 0.95% on the next $500 million; 0.925% on
the next $500 million and 0.90% on amounts thereafter. These fees are computed
daily and paid monthly.
 
GT Global , Inc. ("GT Global"), an affiliate of the Manager, serves as the
Fund's distributor. The Fund offers Class A, Class B, and Advisor Class shares
for purchase.
 
Class A shares are subject to initial sales charges imposed at the time of
purchase, in accordance with the schedule included in the Fund's current
prospectus. GT Global collects the sales charges imposed on sales of Class A
shares, and reallows a portion of such charges to dealers through which the
sales are made. For the year ended October 31, 1997, GT Global retained $52,850
of such sales charges. Purchases of Class A shares exceeding $500,000 may be
subject to a contingent deferred sales charge ("CDSC") upon redemption, in
accordance with the Fund's current prospectus. GT Global collected CDSCs in the
amount of $32 for the year ended October 31, 1997. GT Global also makes ongoing
shareholder servicing and trail commission payments to dealers whose clients
hold Class A shares.
 
Class B shares are not subject to initial sales charges. When Class B shares are
sold, GT Global from its own resources pays commissions to dealers through which
the sales are made. Certain redemptions of Class B shares made within six years
of purchase are subject to CDSCs, in accordance with the Fund's current
prospectus. For the year ended October 31, 1997 GT Global collected CDSCs in the
amount of $1,199,605. In addition, GT Global makes ongoing shareholder servicing
and trail commission payments to dealers whose clients hold Class B shares.
 
Pursuant to Rule 12b-1 under the 1940 Act, the Company's Board of Directors has
adopted separate distribution plans with respect to the Fund's Class A shares
("Class A Plan") and Class B shares ("Class B Plan"), pursuant to which the Fund
reimburses GT Global for a portion of its shareholder servicing and distribution
expenses. Under the Class A Plan, the Fund may pay GT Global a service fee at
the annualized rate of up to 0.25% of the average daily net assets of the Fund's
Class A shares for GT Global's expenditures incurred in servicing and
maintaining shareholder accounts, and may pay GT Global a distribution fee at
the annualized rate of up to 0.35% of the average daily net assets of the Fund's
Class A shares, less any amounts paid by the Fund as the aforementioned service
fee, for GT Global's expenditures incurred in providing services as distributor.
All expenses for which GT Global is reimbursed under the Class A Plan will have
been incurred within one year of such reimbursement.
 
                                      F16
<PAGE>
                         GT GLOBAL GROWTH & INCOME FUND
 
Pursuant to the Fund's Class B Plan, the Fund may pay GT Global a service fee at
the annualized rate of up to 0.25% of the average daily net assets of the Fund's
Class B shares for GT Global's expenditures incurred in servicing and
maintaining shareholder accounts, and may pay GT Global a distribution fee at
the annualized rate of up to 0.75% of the average daily net assets of the Fund's
Class B shares for GT Global's expenditures incurred in providing services as
distributor. Expenses incurred under the Class B Plan in excess of 1.00%
annually may be carried forward for reimbursement in subsequent years as long as
that Plan continues in effect.
 
The Manager and GT Global voluntarily have undertaken to limit the Fund's
expenses (exclusive of brokerage commissions, taxes, interest, and extraordinary
expenses) to the maximum annual rate of 1.85%, 2.50%, and 1.50% of the average
daily net assets of the Fund's Class A, Class B, and Advisor Class shares,
respectively. If necessary, this limitation will be effected by waivers by the
Manager of investment management and administration fees, waivers by GT Global
of payments under the Class A Plan and/or Class B Plan and/ or reimbursements by
the Manager or GT Global of portions of the Fund's other operating expenses.
 
Effective November 1, 1997, the Manager and GT Global have undertaken to limit
each Fund's expenses (exclusive of brokerage commissions, taxes, interest, and
extraordinary expenses) to the annual rate of 1.75%, 2.40% and 1.40% of the
average daily net assets of the Fund's Class A, Class B and Advisor Class
shares, respectively. This undertaking may be changed or eliminated in the
future.
 
GT Global Investor Services, Inc. ("GT Services"), an affiliate of the Manager
and GT Global, is the transfer agent of the Fund. For performing shareholder
servicing, reporting, and general transfer agent services, GT Services receives
an annual maintenance fee of $17.50 per account, a new account fee of $4.00 per
account, a per transaction fee of $1.75 for all transactions other than
exchanges and a per exchange fee of $2.25. GT Services also is reimbursed by the
Fund for its out-of-pocket expenses for such items as postage, forms, telephone
charges, stationery and office supplies.
 
The Manager is the pricing and accounting agent for the Fund. The monthly fee
for these services to the Manager is a percentage, not to exceed 0.03% annually,
of the Fund's average daily net assets. The annual fee rate is derived by
applying 0.03% to the first $5 billion of assets of all registered mutual funds
advised by the Manager and 0.02% to the assets in excess of $5 billion and
allocating the result according to the Fund's average daily net assets.
 
The Company pays each of its Directors who is not an employee, officer or
director of the Manager, GT Global or GT Services $5,000 per year plus $300 for
each meeting of the board or any committee thereof attended by the Director.
 
3. PURCHASES AND SALES OF SECURITIES
For the year ended October 31, 1997, purchases and sales of investment
securities by the Fund, other than short-term investments and U.S. government
obligations, aggregated $322,737,917 and $326,736,141, respectively. Purchases
and sales of U.S. government obligations were $32,891,598 and $17,886,577,
respectively, for the year ended October 31, 1997.
 
4. CAPITAL SHARES
At October 31, 1997, there were 6,000,000,000 shares of the Company's common
stock authorized, at $0.0001 par value. Of this amount, 200,000,000 were
classified as shares of the Fund; 400,000,000 were classified as shares of GT
Global Government Income Fund; 200,000,000 were classified as shares of GT
Global Developing Markets Fund; 200,000,000 were classified as shares of GT
Global Health Care Fund; 200,000,000 were classified as shares of GT Global
Strategic Income Fund; 200,000,000 were classified as shares of GT Global
Currency Fund (inactive); 200,000,000 were classified as shares of GT Latin
America Growth Fund; 200,000,000 were classified as shares of GT Global Small
Companies Fund (inactive); 400,000,000 were classified as shares of GT Global
Telecommunications Fund; 200,000,000 were classified as shares of GT Global
Emerging Markets Fund; 200,000,000 were classified as shares of GT Global
Financial Services Fund; 200,000,000 were classified as shares of GT Global
Natural Resources Fund; 200,000,000 were classified as shares of GT Global
Infrastructure Fund; 200,000,000 were classified as shares of GT Global High
Income Fund; and 200,000,000 were classified as shares of GT Global Consumer
Products and Services Fund. The shares of each of the foregoing series of the
Company were divided equally into two classes, designated Class A and Class B
common stock. With respect to the issuance of Advisor Class shares, 100,000,000
shares were classified as shares of each of the fifteen series of the Company
and designated as Advisor Class common stock. 1,100,000,000 shares remain
unclassified. Transactions in capital shares of the Fund were as follows:
 
                                      F17
<PAGE>
                         GT GLOBAL GROWTH & INCOME FUND
 
                           CAPITAL SHARE TRANSACTIONS
 
<TABLE>
<CAPTION>
 
                                                                        YEAR ENDED                 YEAR ENDED
                                                                     OCTOBER 31, 1997           OCTOBER 31, 1996
                                                                 -------------------------  -------------------------
CLASS A                                                            SHARES        AMOUNT       SHARES        AMOUNT
- ---------------------------------------------------------------  -----------  ------------  -----------  ------------
<S>                                                              <C>          <C>           <C>          <C>
Shares sold....................................................   37,585,791  $289,617,397   21,196,018  $143,350,526
Shares issued in connection with reinvestment of
  distributions................................................      935,467     7,161,559    1,500,319     9,894,388
                                                                 -----------  ------------  -----------  ------------
                                                                  38,521,258   296,778,956   22,696,337   153,244,914
Shares repurchased.............................................  (43,156,190) (332,338,391) (27,157,086) (182,477,096)
                                                                 -----------  ------------  -----------  ------------
Net decrease...................................................   (4,634,932) $(35,559,435)  (4,460,749) $(29,232,182)
                                                                 -----------  ------------  -----------  ------------
                                                                 -----------  ------------  -----------  ------------
 
                                                                        YEAR ENDED                 YEAR ENDED
                                                                     OCTOBER 31, 1997           OCTOBER 31, 1996
                                                                 -------------------------  -------------------------
CLASS B                                                            SHARES        AMOUNT       SHARES        AMOUNT
- ---------------------------------------------------------------  -----------  ------------  -----------  ------------
Shares sold....................................................   12,634,686  $ 97,336,518    9,561,545  $ 63,970,280
Shares issued in connection with reinvestment of
  distributions................................................    1,087,287     8,343,350    1,656,409    10,934,244
                                                                 -----------  ------------  -----------  ------------
                                                                  13,721,973   105,679,868   11,217,954    74,904,524
Shares repurchased.............................................  (12,063,889)  (93,059,122) (13,373,837)  (89,395,191)
                                                                 -----------  ------------  -----------  ------------
Net increase (decrease)........................................    1,658,084  $ 12,620,746   (2,155,883) $(14,490,667)
                                                                 -----------  ------------  -----------  ------------
                                                                 -----------  ------------  -----------  ------------
 
                                                                        YEAR ENDED                 YEAR ENDED
                                                                     OCTOBER 31, 1997           OCTOBER 31, 1996
                                                                 -------------------------  -------------------------
ADVISOR CLASS                                                      SHARES        AMOUNT       SHARES        AMOUNT
- ---------------------------------------------------------------  -----------  ------------  -----------  ------------
Shares sold....................................................    3,177,501  $ 24,442,634    1,416,928  $  9,616,882
Shares issued in connection with reinvestment of
  distributions................................................        9,792        74,879       10,469        69,359
                                                                 -----------  ------------  -----------  ------------
                                                                   3,187,293    24,517,513    1,427,397     9,686,241
Shares repurchased.............................................   (3,248,879)  (24,964,241)  (1,141,817)   (7,697,368)
                                                                 -----------  ------------  -----------  ------------
Net increase (decrease)........................................      (61,586) $   (446,728)     285,580  $  1,988,873
                                                                 -----------  ------------  -----------  ------------
                                                                 -----------  ------------  -----------  ------------
</TABLE>
 
5. EXPENSE REDUCTIONS
The Manager directed certain portfolio trades to brokers who paid a portion of
the Fund's expenses. For the period ended October 31, 1997, the Fund's expenses
were reduced by $33,680 under these arrangements.
 
- --------------
FEDERAL TAX INFORMATION (UNAUDITED):
Pursuant to Section 852 of the Internal Revenue Code, the Fund designates
$1,489,466 as a capital gain dividend for the fiscal year ended October 31,
1997.
 
Pursuant to Section 854 of the Internal Revenue Code, the Fund designates 76% of
the ordinary income dividends paid (including short-term capital gain
distributions, if any) as income qualifying for the corporate dividends received
deduction for the fiscal year ended October 31, 1997.
 
                                      F18
<PAGE>
                         GT GLOBAL GROWTH & INCOME FUND
 
                                     NOTES
 
- --------------------------------------------------------------------------------
<PAGE>
                        AIM GLOBAL GROWTH & INCOME FUND
 
                                  AIM/GT FUNDS
 
  AIM DISTRIBUTORS OFFERS A BROAD RANGE OF FUNDS TO COMPLEMENT MANY INVESTORS'
  PORTFOLIOS. FOR MORE INFORMATION AND A PROSPECTUS ON ANY OF THE FUNDS LISTED
  BELOW,  INCLUDING FEES, EXPENSES AND THE RISKS OF GLOBAL AND EMERGING MARKET
  INVESTING AND THE RISKS OF  INVESTING IN RELATED INDUSTRIES, PLEASE  CONTACT
  YOUR FINANCIAL ADVISER OR CALL 1-800-824-1580.
 
GROWTH FUNDS
 
/ / GLOBALLY DIVERSIFIED FUNDS
 
AIM NEW DIMENSION FUND
Captures global growth opportunities by investing directly in the six global
theme funds
 
AIM WORLDWIDE GROWTH FUND
Invests around the world, including the U.S.
 
AIM INTERNATIONAL GROWTH FUND
Provides portfolio diversity by investing outside
the U.S.
 
AIM EMERGING MARKETS FUND
Gives access to the growth potential of developing economies
 
AIM DEVELOPING MARKETS FUND
Invests in debt and equity securities of developing market issuers
 
/ / GLOBAL THEME FUNDS
 
AIM GLOBAL CONSUMER PRODUCTS AND
SERVICES FUND
Invests in companies that manufacture, market, retail, or distribute consumer
products or services
 
AIM GLOBAL FINANCIAL SERVICES FUND
Focuses on the worldwide opportunities from the demand for financial services
and products
 
AIM GLOBAL HEALTH CARE FUND
Invests in growing health care industries worldwide
 
AIM GLOBAL INFRASTRUCTURE FUND
Seeks companies that build, improve or maintain a country's infrastructure
 
AIM GLOBAL RESOURCES FUND
Concentrates on companies that own, explore or develop natural resources
 
AIM GLOBAL TELECOMMUNICATIONS FUND
Invests in companies worldwide that develop, manufacture or sell
telecommunications services or equipment
 
/ / REGIONALLY DIVERSIFIED FUNDS
 
AIM NEW PACIFIC GROWTH FUND
Offers  access  to the  emerging  and established  markets  of the  Pacific Rim,
excluding Japan
 
AIM EUROPE GROWTH FUND
Focuses on investment opportunities in Europe
 
AIM LATIN AMERICAN GROWTH FUND
Invests in the emerging markets of Latin America
 
/ / SINGLE COUNTRY FUNDS
 
AIM SMALL CAP EQUITY FUND
Invests in equity securities of small U.S. companies
 
AIM MID CAP GROWTH FUND
Concentrates on medium-sized companies in the U.S.
 
AIM AMERICA VALUE FUND
Concentrates on equity securities of large cap U.S. companies believed to be
undervalued
 
AIM JAPAN GROWTH FUND
Provides U.S. investors with direct access to the Japanese market
 
GROWTH AND INCOME FUND
 
AIM GLOBAL GROWTH & INCOME FUND
Invests in blue-chip stocks and government bonds from around the world
 
INCOME FUNDS
 
AIM GLOBAL GOVERNMENT INCOME FUND
Earns monthly income from global government securities
 
AIM STRATEGIC INCOME FUND
Allocates its assets among debt securities from the U.S., developed foreign
countries and emerging markets
 
AIM GLOBAL HIGH INCOME FUND
Invests in debt securities in emerging markets
 
AIM FLOATING RATE FUND
Invests primarily in senior secured floating rate loans that have the potential
to achieve a high level of current income
 
MONEY MARKET FUND
 
AIM DOLLAR FUND
Invests in high quality, U.S. dollar-denominated money market securities
worldwide for stability and preservation of capital
 
                                     [LOGO]
 
  NO DEALER, SALES REPRESENTATIVE OR OTHER PERSON HAS BEEN AUTHORIZED TO  GIVE
  ANY  INFORMATION  OR  TO  MAKE  ANY  REPRESENTATION  NOT  CONTAINED  IN THIS
  STATEMENT OF ADDITIONAL INFORMATION AND, IF GIVEN OR MADE, SUCH  INFORMATION
  OR  REPRESENTATION MUST NOT BE RELIED UPON  AS HAVING BEEN AUTHORIZED BY AIM
  INVESTMENT FUNDS, INC.,  AIM GLOBAL GROWTH  & INCOME FUND,  A I M  ADVISORS,
  INC.,  INVESCO (NY),  INC. OR  A I  M DISTRIBUTORS,  INC. THIS  STATEMENT OF
  ADDITIONAL INFORMATION DOES NOT CONSTITUTE AN OFFER TO SELL OR  SOLICITATION
  OF ANY OFFER TO BUY ANY OF THE SECURITIES OFFERED HEREBY IN ANY JURISDICTION
  TO  ANY  PERSON  TO  WHOM  IT  IS  UNLAWFUL  TO  MAKE  SUCH  OFFER  IN  SUCH
  JURISDICTION.
 
                                                                   GROSX703   MC


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