AIM INVESTMENT FUNDS, N-30D, 1998-07-02

AIM INVESTMENT FUNDS
N-30D, 1998-07-02

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<PAGE>
S

/ /
AIM
LATIN AMERICAN
GROWTH FUND
FORMERLY GT GLOBAL
LATIN AMERICA
GROWTH FUND

/ /
SEMIANNUAL REPORT
APRIL 30, 1998

INVEST WITH
DISCIPLINE-SM-
<PAGE>
TABLE
OF CONTENTS

<TABLE>
<S> <C>
Message from the
Chairmen............. 1

Report from the Fund
Managers and Key
Portfolio Holdings... 2

Report of Independent
Accountants.......... F1

Financial
Statements........... F2

Views of the Fund's management
described in this report are as
of the date written. Portfolio
holdings and allocations are as
of April 30, 1998, unless
otherwise noted. These views,
portfolio holdings and
allocations may have changed
subsequently.
</TABLE>
<PAGE>

AIM LATIN AMERICAN GROWTH FUND
MESSAGE FROM THE CHAIRMEN

Dear Fellow Shareholder,

We are pleased to send you this semiannual report. In the time since you
received your last report, there have been a few changes. Your Fund is now a
part of The AIM Family of Funds-Registered Trademark- and has adopted the AIM
name. Thanks to a vote of approval by GT Global shareholders, A I M Advisors,
Inc. became the new investment advisor to GT Global Funds, effective June 1,
1998.

We believe you'll enjoy many advantages as a member of The AIM Family of
Funds-Registered Trademark-. You'll have access to a greater variety of
investment choices, and you'll benefit from AIM's commitment to excellence in
shareholder service. Most of all, you'll be part of an expanded fund family that
is one of the largest and most respected in the industry.

Though the funds are wearing a new name, your investments will continue to seek
their stated objectives and receive expert, professional management. In the
report that follows you'll find commentary from managers you know, with the
depth of coverage you've come to expect.

If you have any questions about your account, you can continue to call
800-223-2138 for information, service and transactions. Fund and account
information can also be found on the GT Global Website (www.gtglobal.com). These
sources will be available to you until September 1998. At that time, GT Global
accounts will be fully integrated into The AIM Family of Funds-Registered
Trademark-, and you will have received additional information from AIM.

Thank you for your past support of GT Global Funds. AIM is looking forward to
continuing a satisfying relationship with you and helping you reach your
financial goals.

Sincerely,

/s/ William J. Guilfoyle /s/ Charles T. Bauer

William J. Guilfoyle Charles T. Bauer
Chairman of the Board and President, Chairman,
GT Global Funds The AIM Family of Funds-Registered
Trademark-

1
- - -

<PAGE>

[GRAPHIC]

INVESTMENT OBJECTIVE

Seeks capital appreciation by investing primarily in securities of a broad range
of Latin American issuers.

AIM LATIN AMERICAN GROWTH FUND
PERFORMANCE SUMMARY
<TABLE>
<CAPTION>
Month AIM Latin American Growth Fund IFC Investable Latin America
<S> <C> <C>
8/13/91 10000 10000
9952 11144
10085 10979
10965 12344
10771 11866
11421 13566
12892 15818
13658 16700
13665 16743
13893 16937
14014 17012
11864 13717
11891 13810
11025 13055
10131 12498
10474 13052
10648 12960
11156 14035
11200 13624
11164 13492
11810 14641
11628 14100
11773 14289
12100 15078
12499 15510
13494 16868
13668 17143
14357 18302
15047 19700
17063 22561
18958 25590
18730 24426
17454 22789
15588 21117
15972 22221
15131 20516
7/31/94 16326 22479
19076 26189
19828 27352
19253 25754
19150 25304
15930 20449
13279 17197
11784 14704
10997 14264
12484 16506
12547 16549
12862 16895
13373 17801
13554 18052
13176 17821
12099 16123
12052 16681
12531 17003
13672 18602
12990 17619
13347 17902
13862 18844
14313 19337
14266 19681
13577 18813
14020 19324
14392 19698
14218 19330
14353 19417
14662 19930
15541 21766
16333 23189
16056 22943
16301 23903
17196 25832
18456 27905
19422 29451
17387 26893
18971 29160
15430 23731
15969 24459
16790 25785
14847 22799
15664 23926
16560 25495
4/30/98 16436 25255
</TABLE>

The chart above shows the performance of the AIM Latin American Growth Fund,
Class A shares, since the Fund's inception, versus the IFC Investable Latin
America Index. This represents a cumulative return of 64.36% and an average
annual total return of 7.68% for Class A shares of the Fund. The chart assumes a
hypothetical $10,000 initial investment in the Fund's Class A shares and
reflects all Fund expenses and the maximum 4.75% sales charge. A $10,000
investment in the Fund's Class B shares at inception on April 1, 1993 would have
been valued at $13,507 on April 30, 1998. This figure reflects all Fund expenses
and the applicable contingent deferred sales charge (5% in the first year,
decreasing to 0% after six years), assuming complete redemption at the end of
the period. A $10,000 investment in Advisor Class shares at inception on June 1,
1995, would have been worth $13,250 on April 30, 1998.

AVERAGE ANNUAL TOTAL RETURNS%(1)
APRIL 30, 1998

<TABLE>
<CAPTION>
SHARE CLASS WITHOUT SALES CHARGE(2) WITH SALES CHARGE
1-YEAR 5-YEAR LIFE OF FUND 1-YEAR 5-YEAR LIFE OF FUND
<S> <C> <C> <C> <C> <C> <C>
CLASS A(3) 0.81 7.16 8.46 -4.00 6.12 7.68
CLASS B(3) 0.29 6.67 6.25 -4.71 6.36 6.10
ADVISOR CLASS(4) 1.06 N/A 10.04 N/A N/A N/A
</TABLE>

HISTORICAL PERFORMANCE%(2)
ANNUAL RETURNS (PER CALENDAR YEAR)

<TABLE>
<CAPTION>
1991 1992 1993 1994 1995 1996 1997
<S> <C> <C> <C> <C> <C> <C> <C>
CLASS A 19.91(3) -2.32 52.94 -6.64 -21.34 17.00 14.52
CLASS B N/A N/A 44.28(3) -7.12 -21.70 16.47 13.97
</TABLE>

(1) Figures assume reinvestment of all dividends and capital gain distributions
at net asset value.
(2) Performance data do not reflect the maximum 4.75% sales charge or the
contingent deferred sales charge for Class A and Class B shares,
respectively, which, if included, would have reduced performance quoted.
(3) The Fund began Class A share operations on August 13, 1991; Class B shares
commenced on April 1, 1993.
(4) The Fund began offering Advisor Class shares on June 1, 1995. Advisor Class
shares are not sold directly to the general public and are only available
through certain employee benefit plans, financial institutions and other
entities that have entered into specific agreements with the Fund's
Distributor. Please see the Fund's prospectus for more complete
information.

The above data represent past performance of the Fund's shares, which does not
guarantee future results. The investment return and principal value of an
investment in the Fund will fluctuate, so that an investor's shares, when
redeemed, may be worth more or less than their original cost.
From time to time, the Fund's investment advisor may waive some fees and/or
reimburse some expenses, without which performance would be lower. Waivers and
reimbursements are subject to change.

2
- - -

<PAGE>

AIM LATIN AMERICAN GROWTH FUND

INTERVIEW WITH PORTFOLIO MANAGER
DAVID MANUEL

Q HOW DID THE FUND PERFORM?
A During the six-month period to April 30, 1998, sentiment toward many Latin
American equity markets continued to suffer due to the Asian crisis, which began
with devaluation of the Thai baht in July 1997. The fall in oil prices in March
of this year also contributed to softness in several markets, including Mexico
and Venezuela.

Against this backdrop, the Fund's Class A shares returned a total of 6.50%
(1.45% including the maximum 4.75% sales charge); total return for the Fund's
Class B shares was 6.19% (1.19% including the maximum 5% contingent deferred
sales charge). The International Finance Corporation (IFC) Investable Latin
America Index returned 6.43% over the same period.

On a country selection basis, the Fund performed well against the IFC Investable
Latin America Index, with our underweighted positions in Colombia and Chile
contributing significantly to performance. Security selection in Brazil was also
positive, as was our decision to underweight Argentina's oil services sector.
On the other hand, overall stock selection, and in Mexico in particular, lowered
the Fund's returns to roughly in line with the index.

Q WHAT COMPANIES MOST IMPACTED PERFORMANCE?
A In this difficult environment, only a few, select companies performed well,
including Brazil's Telebras and Petrobras and Mexico's Telefonos de Mexico.
Considered among the most liquid stocks in Latin America, these companies
experienced a recovery in share prices from their October lows as investors
returned to emerging markets.

Notable disappointments included Alfa S.A. and Sanluis in Mexico, as concerns
over the impact of Asian competition in steel, petrochemicals and auto parts
affected the Mexican industrial sector. In Venezuela, Electricidad de Caracas
had their tariffs frozen for the rest of the year.

Q HOW IS THE FUND CURRENTLY POSITIONED RELATIVE TO THE INDEX?
A We remain underweighted in most Latin American markets, maintaining roughly
a 5% position in cash. Over the period, we supplemented our investments in
Argentina, Brazil and Chile at the expense of Mexico and Venezuela. We have
little exposure to Venezuela because of its vulnerability to any further oil
price weakness.

Q WHAT ARE YOUR EXPECTATIONS OF LATIN
AMERICAN MARKETS?
A Of all the Latin American markets, Mexico was initially the least affected
by the Asian crisis. However, recent weakness in the price of oil has led to a
tightening in Mexico's fiscal policy, which we believe may dampen domestic
demand. Moreover, trade accounts have deteriorated somewhat and, as a
consequence, the peso may soften. We felt that valuations had become expensive
relative to other Latin American markets at the end of 1997. However, with
recent underperformance we see some more reasonable
valuations appearing.

One example would be in the construction sector where we have stayed clear of
large, heavy civil engineering construction companies but are finding some
attractive home builders and cement companies. These companies are enjoying
strong demand on the back of a housing shortage and recovery in purchasing
power.

We are underweighted in Argentina's major oil stocks, which account for about
43% of the stock market's capitalization. However, we are overweighted to banks
and other plays on domestic demand, which remains firm. We believe the Argentine
banking system is well capitalized and has significant potential for expansion
because Argentines have yet to make full use of banking services.

CONTINUED P4

(5) The IFC Investable Latin America Index is a market value-weighted average
of companies listed in Argentina, Brazil, Chile, Colombia, Mexico, Peru and
Venezuela. The index is measured in U.S. dollars and includes the effect of
reinvested dividends. It has an aggregate market capitalization of $287
billion.

Indices are unmanaged, not available for direct investment and do not incur
sales charges and professional management fees.

3
- - -

<PAGE>

INTERVIEW WITH THE PORTFOLIO MANAGER CONTINUED

We also like telecommunications stocks in this market because we believe they
are reasonably sensitive to the economy. They are evolving from a period of
competitive and regulatory uncertainty into a time of increasing clarity. With
a pickup in the economy and rapid growth in cellular use, we have also seen an
improvement in earnings growth.

Having been overweight in Brazil since November, we have recently been trimming
our position, although we see promising medium-term returns. We believe Brazil's
economic growth is likely to be constrained by the doubling in interest rates,
to around 40%, and by the latest fiscal package. Much of the economic reform
program's good news has already been discounted by the market. Further progress
may also be difficult following the deaths of two key political supporters of
President Cardoso.

In our current stock selection, we are concentrating on privatization plays.
These companies tend to be less exposed to the economy, which has been sluggish
recently, yet are positively affected by progress on political reform and
privatization. These stocks will also benefit from further recovery in
sentiment toward the country. We believe that once the government completes its
reforms-a gradual process at best-Brazil will have a structure in place that is
able to support accelerated economic growth rates.

Q HOW IS THE FUND POSITIONED IN SOME OF THE SMALLER MARKETS?
A Among the smaller markets, we are at index weighting in Peru and may look
to further increase our weighting. Even though El Nino and falling metal prices
have had a severe impact on the important fishing and mining industries, we
believe equity valuations are attractive. Other positives include strong fiscal
discipline, an independent central bank, strict banking supervision and Peru's
floating exchange rate policy. First quarter GDP also came in better than
expected at 1.6%, on the back of a recovery in the construction industry. We
forecast a 3.8% pickup in the second quarter.

In Chile, we believe valuations are beginning to appear attractive. The stock
market may have discounted the impact of East Asia's problems on Chile's
exports, along with the recent rise in interest rates. In particular, we
currently find several of the banking stocks attractive. On a price-to-book
value, they appear cheaper than they have for some time and, relative to other
banks throughout Latin America, we feel Chile's banks are fundamentally sounder
and more robust.

However, we have been underweighted to Chilean telecommunications. Later this
year the regulatory body holds its five-year tariff review for the domestic
market, and we anticipate little upside in the stock.

We are avoiding Colombia, where the economy remains weak, the market is
relatively illiquid and political instability remains a key issue. We are also
reducing Venezuela, where we think the fall in the price of oil will contribute
to an economic slowdown and, possibly, to currency weakness.

GEOGRAPHIC ALLOCATION OF NET ASSETS%

<TABLE>
<CAPTION>
APRIL 30 APRIL 30
1998 1997
<S> <C> <C>
ARGENTINA 10.1 8.8
BELIZE - 0.8
BRAZIL 35.7 40.3
CHILE 12.1 7.9
COLOMBIA - 3.4
MEXICO 30.4 30.7
PANAMA 1.1 -
PERU 3.2 2.0
UNITED STATES & OTHER 6.2 2.9
VENEZUELA 1.2 3.2
</TABLE>

Allocations may change as market conditions change.

4
- - -

<PAGE>

ALLOCATION OF NET ASSETS

<TABLE>
<CAPTION>
<S> <C>
Short Term & Other 6.5%
Consumer Non-Durables 6.9%
Multi-Industry/Misc. 8.1%
Materials/Basic Industries 12.8%
Finance 13.0%
Energy 23.7%
Services 29.0%
</TABLE>

Allocations may change as market conditions change. A complete listing may be
found in the Financial Statements section of this report.

AIM LATIN AMERICAN GROWTH FUND

<TABLE>
<CAPTION> % of
KEY PORTFOLIO HOLDINGS(6) Country Net Assets
<S> <C> <C>
TELEBRAS Operator of Brazil's local and long-distance services. Brazil 8.5

ELETROBRAS Brazil's state-controlled electricity holding company. Eletrobras is Brazil 4.2
responsible for the planning, coordination and financing of the country's
electric utility sector. Its assets are primarily hydroelectric electricity
generation plants that collectively represent 47% of the country's generating
capacity.

PETROBRAS Produces oil and natural gas liquids through approximately 7,258 Brazil 4.0
producing wells and also produces at sea through its fixed and floating
platforms. The company's main products are oil products and fuel alcohol.
Petrobras also provides maritime freight services.

KIMBERLY-CLARK DE MEXICO, S.A. DE C.V. The largest manufacturer of diapers, Mexico 3.8
tissue paper, notebooks and paper in Mexico. The company's management is
conservative and has concentrated on lowering costs every year to retain its
competitive position in the marketplace.

FOMENTO ECONOMICO MEXICANO, S.A. DE C.V. Produces and distributes soft drinks Mexico 3.0
and beer and operates retail stores. The company sells its beer in Mexico and
exports to 63 countries throughout the world.

UNIAO DE BANCOS BRASILEIROS S.A. Unibanco is a major Brazilian bank serving Brazil 2.6
individuals and small, mid-sized and large companies.

GRUPO CARSO, S.A. DE C.V. A holding company with investments in many sectors, Mexico 2.2
including tobacco, mining, construction, auto parts, paper products and food and
beverages.

COMPANHIA ENERGETICA DE MINAS GERAIS - CEMIG Generates, transforms, transmits Brazil 2.2
and distributes electric power to the Brazilian State of Minas Gerais.

NORTEL INVERSORA S.A. This is a simple levered holding company whose sole Argentina 2.1
underlying asset and income source is its 60% controlling stake in Telecom
Argentina, STET and France Telecom S.A. Telecom Argentina is operated by
Nortel's controlling shareholders, STET
and France Telecom.

TELECOMUNICACOES DE SAO PAULO S.A. The company provides local and domestic Brazil 2.0
telecommunications services and voice and data transmission services to the
Brazilian State of Sao Paulo.
</TABLE>

Source: Bloomingberg, April 1998.

(6)There is no assurance the Fund will continue to hold these or any other
securities mentioned in this report.

5
- - -
<PAGE>
AIM LATIN AMERICAN GROWTH FUND
(FORMERLY GT GLOBAL LATIN AMERICA GROWTH FUND)

REPORT OF INDEPENDENT ACCOUNTANTS

- --------------------------------------------------------------------------------

To the Shareholders of AIM Latin American Growth Fund and Board of Directors of
G.T. Investment Funds, Inc.:

We have audited the accompanying statement of assets and liabilities of AIM
Latin American Growth Fund (formerly GT Global Latin America Growth Fund), one
of the funds organized as a series of A I M Investment Funds, Inc., including
the portfolio of investments, as of April 30, 1998, the related statement of
operations for the six months then ended, the statements of changes in net
assets for the six months then ended and for the year ended October 31, 1997,
and the financial highlights for each of the periods indicated therein. 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 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 April
30, 1998, 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 AIM
Latin American Growth Fund as of April 30, 1998, the results of operations for
the six months then ended, the changes in its net assets for the six months then
ended and for the year ended October 31, 1997, and the financial highlights for
each of the periods indicated therein, in conformity with generally accepted
accounting principles.

COOPERS & LYBRAND L.L.P.

BOSTON, MASSACHUSETTS
JUNE 17, 1998

F1
<PAGE>
AIM LATIN AMERICAN GROWTH FUND
(FORMERLY GT GLOBAL LATIN AMERICA GROWTH FUND)

PORTFOLIO OF INVESTMENTS

April 30, 1998

- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
VALUE % OF NET
EQUITY INVESTMENTS COUNTRY SHARES (NOTE 1) ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Services (29.0%)
Telecomunicacoes Brasileiras S.A. (Telebras): ............. BRZL -- -- 8.5
TELEPHONE NETWORKS
ADR{\/} ................................................. -- 104,140 $ 12,685,554 --
Common .................................................. -- 82,307,027 8,169,521 --
Nortel Inversora S.A. - ADR{\/} ........................... ARG 170,200 5,063,450 2.1
TELEPHONE NETWORKS
Telecomunicacoes de Sao Paulo S.A. (TELESP): .............. BRZL -- -- 2.0
TELEPHONE NETWORKS
Preferred ............................................... -- 7,873,727 2,678,513 --
Common-/- ............................................... -- 8,857,100 2,312,063 --
Companhia de Saneamento Basico do Estado de Sao Paulo -
SABESP ................................................... BRZL 21,222,622 4,825,432 2.0
BUSINESS & PUBLIC SERVICES
Cifra, S.A. de C.V.: ...................................... MEX -- -- 2.0
RETAILERS-OTHER
"C" ..................................................... -- 1,894,600 3,225,517 --
"V" ..................................................... -- 505,530 889,303 --
"V" - ADR{\/} ........................................... -- 37,489 656,058 --
Telefonos de Mexico, S.A. de C.V. "L" - ADR{\/} ........... MEX 82,800 4,688,550 1.9
TELEPHONE NETWORKS
Grupo Televisa, S.A. de C.V. - GDR-/- {\/} ................ MEX 110,900 4,546,900 1.9
BROADCASTING & PUBLISHING
Telefonica del Peru S.A. - ADR{\/} ........................ PERU 195,700 4,329,863 1.8
TELEPHONE NETWORKS
Controladora Comercial Mexicana, S.A. de C.V.: ............ MEX -- -- 1.5
RETAILERS-FOOD
UBC[.] .................................................. -- 2,682,000 3,324,793 --
GDR{\/} ................................................. -- 13,900 342,288 --
Telefonica de Argentina S.A. - ADR{\/} .................... ARG 90,900 3,505,331 1.4
TELEPHONE NETWORKS
Telecomunicacoes do Rio de Janeiro S.A. (TELERJ)
Preferred ................................................ BRZL 21,618,581 3,403,012 1.4
TELEPHONE NETWORKS
Cia de Telecomunicaciones de Chile S.A. - ADR{\/} ......... CHLE 119,700 2,999,981 1.2
TELEPHONE NETWORKS
Carso Global Telecom "A1" ................................. MEX 477,700 1,832,969 0.7
TELEPHONE NETWORKS
Santa Isabel S.A. - ADR{\/} ............................... CHLE 36,684 605,286 0.2
RETAILERS-FOOD
El Puerto de Liverpool, S.A. de C.V. ...................... MEX 283,200 417,946 0.2
RETAILERS-OTHER
Supermercados Unimarc S.A. - ADR (Chile)-/- {\/} .......... CHLE 33,000 356,813 0.1
RETAILERS-FOOD
Cintra S.A. ............................................... MEX 165,800 160,515 0.1
TRANSPORTATION - AIRLINES
------------
71,019,658
------------
</TABLE>

The accompanying notes are an integral part of the financial statements.

F2
<PAGE>
AIM LATIN AMERICAN GROWTH FUND
(FORMERLY GT GLOBAL LATIN AMERICA GROWTH FUND)

PORTFOLIO OF INVESTMENTS (cont'd)

April 30, 1998

- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE % OF NET
EQUITY INVESTMENTS COUNTRY SHARES (NOTE 1) ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Energy (23.7%)
Centrais Eletricas Brasileiras S.A. (Eletrobras): ......... BRZL -- -- 4.2
ELECTRICAL & GAS UTILITIES
"B" Preferred ........................................... -- 122,369,830 $ 5,458,754 --
Common-/- ............................................... -- 119,990,000 4,931,815 --
Petroleo Brasileiro S.A. (Petrobras) Preferred ............ BRZL 38,899,000 9,865,072 4.0
OIL
Companhia Energetica de Minas Gerais (CEMIG) - ADR{\/} .... BRZL 112,200 5,441,700 2.2
ELECTRICAL & GAS UTILITIES
Light - Servicos de Electricidade S.A. .................... BRZL 11,949,000 4,806,769 2.0
ELECTRICAL & GAS UTILITIES
Enersis S.A. - ADR{\/} .................................... CHLE 146,900 4,324,369 1.8
ELECTRICAL & GAS UTILITIES
YPF S.A. - ADR{\/} ........................................ ARG 119,500 4,167,563 1.7
ENERGY SOURCES
Empresa Nacional de Electricidad S.A. - ADR{\/} ........... CHLE 223,400 3,895,538 1.6
ELECTRICAL & GAS UTILITIES
Harken Energy Corp.-/- .................................... US 568,300 3,658,431 1.5
OIL
Gener S.A. - ADR{\/} ...................................... CHLE 121,819 2,725,700 1.1
ELECTRICAL & GAS UTILITIES
Companhia Brasileira de Petroleo Ipiranga S.A.
Preferred ................................................ BRZL 173,785,000 2,264,448 0.9
OIL
Light - Participacoes S.A. ................................ BRZL 8,815,400 2,158,559 0.9
ELECTRICAL & GAS UTILITIES
C.A. La Electricidad de Caracas ........................... VENZ 3,289,577 2,021,991 0.8
ELECTRICAL & GAS UTILITIES
Perez Companc S.A. "B" .................................... ARG 198,696 1,194,282 0.5
OIL
Companhia Paulista de Forca e Luz ......................... BRZL -- -- 0.3
ELECTRICAL & GAS UTILITIES
Common .................................................. -- 5,030,000 695,007 --
Preferred ............................................... -- 13,535 1,587 --
Companhia Paranaense de Energia - Copel ................... BRZL 45,050,000 520,035 0.2
ELECTRICAL & GAS UTILITIES
------------
58,131,620
------------
Finance (13.0%)
Uniao de Bancos Brasileiros S.A. (Unibanco) Units{=} ...... BRZL 83,494,700 6,426,208 2.6
BANKS-MONEY CENTER
Banco Frances del Rio de la Plata S.A. - ADR{\/} .......... ARG 108,700 3,159,094 1.3
BANKS-MONEY CENTER
Banco Rio de La Plata S.A. - ADR-/- {\/} .................. ARG 213,300 2,932,875 1.2
BANKS-MONEY CENTER
Banco LatinoAmericano de Exportaciones S.A. (Bladex)
"E"{\/} .................................................. PAN 76,135 2,721,826 1.1
OTHER FINANCIAL
Grupo Financiero Banorte, S.A. de C.V. "B"-/- ............. MEX 1,640,271 2,711,192 1.1
BANKS-MONEY CENTER
Administradora de Fondos de Pensiones Provida S.A. -
ADR{\/} .................................................. CHLE 149,900 2,679,463 1.1
INVESTMENT MANAGEMENT
</TABLE>

The accompanying notes are an integral part of the financial statements.

F3
<PAGE>
AIM LATIN AMERICAN GROWTH FUND
(FORMERLY GT GLOBAL LATIN AMERICA GROWTH FUND)

PORTFOLIO OF INVESTMENTS (cont'd)

April 30, 1998

- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE % OF NET
EQUITY INVESTMENTS COUNTRY SHARES (NOTE 1) ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Finance (Continued)
Banco BHIF - ADR{\/} ...................................... CHLE 195,500 $ 2,431,531 1.0
BANKS-MONEY CENTER
Credicorp Ltd. - ADR{\/} .................................. PERU 124,782 2,090,099 0.9
BANKS-MONEY CENTER
Banco de A. Edwards - ADR{\/} ............................. CHLE 125,100 2,009,419 0.8
BANKS-MONEY CENTER
Grupo Financiero Banamex Accival, S.A. de C.V. "B"-/- ..... MEX 479,900 1,501,458 0.6
BANKS-MONEY CENTER
Inversiones y Representaciones S.A. (IRSA) - GDR{\/} ...... ARG 36,000 1,399,500 0.6
REAL ESTATE
Banco de Galicia y Buenos Aires, S.A. de C.V. - ADR{\/} ... ARG 42,100 1,031,450 0.4
BANKS-MONEY CENTER
Banco Wiese - ADR{\/} ..................................... PERU 131,400 706,275 0.3
BANKS-MONEY CENTER
------------
31,800,390
------------
Materials/Basic Industry (12.8%)
Kimberly-Clark de Mexico, S.A. de C.V. "A" ................ MEX 1,895,100 9,318,880 3.8
PAPER/PACKAGING
Apasco, S.A. de C.V. ...................................... MEX 717,000 4,875,939 2.0
CEMENT
Companhia Vale do Rio Doce Preferred ...................... BRZL 193,403 4,566,577 1.9
METALS - STEEL
Sociedad Quimica y Minera de Chile S.A. - ADR{\/} ......... CHLE 95,100 4,130,906 1.7
CHEMICALS
Industrias Penoles S.A. (CP) .............................. MEX 634,600 2,622,309 1.1
METALS - NON-FERROUS
Grupo Mexico S.A. "L" ..................................... MEX 412,324 1,314,374 0.5
METALS - NON-FERROUS
Siderca S.A. "A" .......................................... ARG 543,400 1,309,725 0.5
METALS - STEEL
Grupo Cementos de Chihuahua, S.A. de C.V. "B" ............. MEX 1,026,500 1,095,580 0.4
CEMENT
Corcemar S.A. ............................................. ARG 158,000 948,095 0.4
CEMENT
Corporacion Venezolana de Cementos, S.A.C.A.: ............. VENZ -- -- 0.3
CEMENT
"A" ..................................................... -- 347,758 454,148 --
"B" ..................................................... -- 161,928 211,769 --
Compania de Minas Buenaventura S.A. - ADR{\/} ............. PERU 36,000 558,000 0.2
METALS - NON-FERROUS
------------
31,406,302
------------
Multi-Industry/Miscellaneous (8.1%)
Grupo Carso, S.A. de C.V. "A1" ............................ MEX 871,100 5,491,941 2.2
MULTI-INDUSTRY
Alfa, S.A. de C.V. "A" .................................... MEX 830,100 4,537,619 1.9
CONGLOMERATE
</TABLE>

The accompanying notes are an integral part of the financial statements.

F4
<PAGE>
AIM LATIN AMERICAN GROWTH FUND
(FORMERLY GT GLOBAL LATIN AMERICA GROWTH FUND)

PORTFOLIO OF INVESTMENTS (cont'd)

April 30, 1998

- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE % OF NET
EQUITY INVESTMENTS COUNTRY SHARES (NOTE 1) ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Multi-Industry/Miscellaneous (Continued)
Itausa Investimentos Itau S.A. Preferred .................. BRZL 3,833,289 $ 3,251,675 1.3
MULTI-INDUSTRY
Desc, S.A. de C.V. - ADR{\/} .............................. MEX 93,800 2,702,613 1.1
CONGLOMERATE
Sanluis Corporacion, S.A. de C.V. ......................... MEX 455,500 2,420,012 1.0
CONGLOMERATE
Empresas La Moderna, S.A. de C.V. "A"-/- .................. MEX 287,000 1,438,388 0.6
MULTI-INDUSTRY
------------
19,842,248
------------
Consumer Non-Durables (6.9%)
Fomento Economico Mexicano, S.A. de C.V. "B" .............. MEX 976,750 7,242,019 3.0
BEVERAGES - ALCOHOLIC
Compania Cervecerias Unidas S.A. - ADR{\/} ................ CHLE 128,300 3,544,288 1.4
BEVERAGES - ALCOHOLIC
Companhia Cervejaria Brahma Preferred ..................... BRZL 3,006,000 1,958,435 0.8
BEVERAGES - ALCOHOLIC
Grupo Industrial Maseca, S.A. de C.V. "B" ................. MEX 2,653,900 1,917,576 0.8
FOOD
Pepsi-Gemex S.A. - GDR-/- {\/} ............................ MEX 122,800 1,665,475 0.7
BEVERAGES - NON-ALCOHOLIC
Embotelladora Andina S.A. - ADR{\/} ....................... CHLE 15,000 338,438 0.1
BEVERAGES - NON-ALCOHOLIC
Sudamtex de Venezuela "B" - ADR{\/} ....................... VENZ 32,592 138,516 0.1
TEXTILES & APPAREL
Mavesa S.A. - ADR{\/} ..................................... VENZ 24,090 96,360 --
FOOD
Cerveceria Backus & Johnston S.A. "T" ..................... PERU 75,905 59,133 --
BEVERAGES - ALCOHOLIC
------------
16,960,240
------------
Capital Goods (1.3%)
Corporacion GEO, S.A. de C.V. "B"-/- ...................... MEX 271,000 1,874,923 0.8
CONSTRUCTION
ARA, S.A. de C.V.-/- ...................................... MEX 230,000 1,148,642 0.5
CONSTRUCTION
------------
3,023,565
------------
Consumer Durables (0.5%)
Brasmotor S.A. Preferred .................................. BRZL 8,532,000 1,182,617 0.5
APPLIANCES & HOUSEHOLD DURABLES
------------ -----

TOTAL EQUITY INVESTMENTS (cost $228,528,134) ................ 233,366,640 95.3
------------ -----
</TABLE>

The accompanying notes are an integral part of the financial statements.

F5
<PAGE>
AIM LATIN AMERICAN GROWTH FUND
(FORMERLY GT GLOBAL LATIN AMERICA GROWTH FUND)

PORTFOLIO OF INVESTMENTS (cont'd)

April 30, 1998

- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL VALUE % OF NET
FIXED INCOME INVESTMENTS CURRENCY AMOUNT (NOTE 1) ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Corporate Bonds (0.0%)
Brazil (0.0%)
Companhia Vale do Rio Doce - Non Convertible (cost
$0) .................................................... BRL 276,400 -- --
------------ -----
<CAPTION>

VALUE % OF NET
REPURCHASE AGREEMENT (NOTE 1) ASSETS
- ------------------------------------------------------------- ------------ -------------
<S> <C> <C> <C> <C>
Dated April 30, 1998, with State Street Bank & Trust Co.,
due May 1, 1998, for an effective yield of 5.44%,
collateralized by $8,935,000 U.S. Treasury Bills, 6.125%
due 8/31/98 (market value of collateral is $9,046,688,
including accrued interest). (cost $8,868,000) ........... $ 8,868,000 3.6
------------ -----

TOTAL INVESTMENTS (cost $237,396,134) * .................... 242,234,640 98.9
Other Assets and Liabilities ................................ 2,658,295 1.1
------------ -----

NET ASSETS .................................................. $244,892,935 100.0
------------ -----
------------ -----
</TABLE>

- --------------

-/- Non-income producing security.
{\/} U.S. currency denominated.
[.] Each unit represents 3 "B" shares and 1 "C" share.
{=} Each unit represents one preferred share of Unibanco and one
preferred "B" share of Unibanco Holdings.
* For Federal income tax purposes, cost is $237,686,922 and
appreciation (depreciation) is as follows:

<TABLE>
<S> <C>
Unrealized appreciation: $ 24,173,992
Unrealized depreciation: (19,626,274)
-------------
Net unrealized appreciation: $ 4,547,718
-------------
-------------
</TABLE>

Abbreviations:
ADR--American Depositary Receipt
GDR--Global Depositary Receipt

- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------

The Fund's Portfolio of Investments at April 30, 1998, was concentrated in the
following countries:

<TABLE>
<CAPTION>
PERCENTAGE OF NET ASSETS {D}
-----------------------------------------
SHORT-TERM
COUNTRY (COUNTRY CODE/CURRENCY CODE) EQUITY & OTHER TOTAL
- ------------------------------------------------------------------------ ----------- ----------------- ---------
<S> <C> <C> <C>
Argentina (ARG/ARS) .................................................... 10.1 10.1
Brazil (BRZL/BRL) ...................................................... 35.7 35.7
Chile (CHLE/CLP) ....................................................... 12.1 12.1
Mexico (MEX/MXN) ....................................................... 30.4 30.4
Panama (PAN/PND) ....................................................... 1.1 1.1
Peru (PERU/PES) ........................................................ 3.2 3.2
United States (US/USD) ................................................. 1.5 4.7 6.2
Venezuela (VENZ/VEB) ................................................... 1.2 1.2
----- --- ---------
Total ................................................................. 95.3 4.7 100.0
----- --- ---------
----- --- ---------
</TABLE>

- --------------

{d} Percentages indicated are based on net assets of $244,892,935.

The accompanying notes are an integral part of the financial statements.

F6
<PAGE>
AIM LATIN AMERICAN GROWTH FUND
(FORMERLY GT GLOBAL LATIN AMERICA GROWTH FUND)

STATEMENT OF ASSETS
AND LIABILITIES
April 30, 1998

- --------------------------------------------------------------------------------

<TABLE>
<S> <C> <C>
Assets:
Investments in securities, at value (cost $237,396,134) (Note 1).......................... $242,234,640
U.S. currency................................................................. $ 427
Foreign currencies (cost $7,378,125).......................................... 7,381,624 7,382,051
----------
Dividends receivable...................................................................... 2,201,350
Receivable for Fund shares sold........................................................... 199,570
Receivable from Chancellor LGT Asset Management, Inc. (Note 2)............................ 195,122
Interest receivable....................................................................... 2,619
------------
Total assets............................................................................ 252,215,352
------------
Liabilities:
Payable for securities purchased.......................................................... 3,531,832
Payable for Fund shares repurchased....................................................... 2,891,492
Payable for investment management and administration fees (Note 2)........................ 306,451
Payable for transfer agent fees (Note 2).................................................. 217,388
Payable for service and distribution expenses (Note 2).................................... 147,048
Payable for printing and postage expenses................................................. 67,469
Payable for custodian fees................................................................ 49,709
Payable for professional fees............................................................. 45,778
Payable for registration and filing fees.................................................. 6,621
Payable for fund accounting fees (Note 2)................................................. 2,722
Payable for Directors' fees and expenses (Note 2)......................................... 158
Other accrued expenses.................................................................... 55,749
------------
Total liabilities....................................................................... 7,322,417
------------
Net assets.................................................................................. $244,892,935
------------
------------
Class A:
Net asset value and redemption price per share ($131,814,677 DIVIDED BY 6,364,611 shares
outstanding)............................................................................... $ 20.71
------------
------------
Maximum offering price per share (100/95.25 of $20.71) *.................................... $ 21.74
------------
------------
Class B:+
Net asset value and offering price per share ($112,321,626 DIVIDED BY 5,507,298 shares
outstanding)............................................................................... $ 20.40
------------
------------
Advisor Class:
Net asset value, offering price per share, and redemption price per share ($756,632 DIVIDED
BY 36,559 shares outstanding).............................................................. $ 20.70
------------
------------
Net assets consist of:
Paid in capital (Note 4).................................................................. $250,779,254
Undistributed net investment income....................................................... 891,469
Accumulated net realized loss on investments and foreign currency transactions............ (11,599,724)
Net unrealized depreciation on translation of assets and liabilities in foreign
currencies............................................................................... (16,570)
Net unrealized appreciation of investments................................................ 4,838,506
------------
Total -- representing net assets applicable to capital shares outstanding................... $244,892,935
------------
------------
<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.

F7
<PAGE>
AIM LATIN AMERICAN GROWTH FUND
(FORMERLY GT GLOBAL LATIN AMERICA GROWTH FUND)

STATEMENT OF OPERATIONS

Six months ended April 30, 1998

- --------------------------------------------------------------------------------

<TABLE>
<S> <C> <C>
Investment income: (Note 1)
Dividend income (net of foreign withholding tax of $275,465)............................... $3,895,778
Securities lending income.................................................................. 92,678
Interest income............................................................................ 74,780
----------
Total investment income.................................................................. 4,063,236
----------
Expenses:
Investment management and administration fees (Note 2)..................................... 1,294,289
Service and distribution expenses: (Note 2)
Class A...................................................................... $ 355,309
Class B...................................................................... 611,111 966,420
----------
Transfer agent fees (Note 2)............................................................... 579,200
Interest expense (Note 1).................................................................. 208,858
Printing and postage expenses.............................................................. 96,111
Custodian fees............................................................................. 92,129
Professional fees.......................................................................... 79,345
Registration and filing fees............................................................... 48,630
Fund accounting fees (Note 2).............................................................. 35,020
Directors' fees and expenses (Note 2)...................................................... 5,249
Other expenses............................................................................. 6,335
----------
Total expenses before reimbursement...................................................... 3,411,586
----------
Expenses reimbursed by Chancellor LGT Asset Management, Inc. (Note 2).................. (245,122)
----------
Total net expenses....................................................................... 3,166,464
----------
Net investment income........................................................................ 896,772
----------
Net realized and unrealized gain (loss) on investments and foreign currencies:
(Note 1)
Net realized gain on investments............................................... 3,786,790
Net realized loss on foreign currency transactions............................. (156,400)
----------
Net realized gain during the period...................................................... 3,630,390
Net change in unrealized depreciation on translation of assets and liabilities
in foreign currencies......................................................... (9,849)
Net change in unrealized appreciation of investments........................... 13,997,378
----------
Net unrealized appreciation during the period............................................ 13,987,529
----------
Net realized and unrealized gain on investments and foreign currencies....................... 17,617,919
----------
Net increase in net assets resulting from operations......................................... $18,514,691
----------
----------
</TABLE>

The accompanying notes are an integral part of the financial statements.

F8
<PAGE>
AIM LATIN AMERICAN GROWTH FUND
(FORMERLY GT GLOBAL LATIN AMERICA GROWTH FUND)

STATEMENT OF CHANGES IN NET ASSETS

- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 1998 OCTOBER 31, 1997
---------------- ----------------
<S> <C> <C>
Decrease in net assets
Operations:
Net investment income......................................................... $ 896,772 $ 1,116,958
Net realized gain on investments and foreign currency transactions............ 3,630,390 84,545,615
Net change in unrealized appreciation (depreciation) on translation of assets
and liabilities in foreign currencies........................................ (9,849) 25,640
Net change in unrealized appreciation (depreciation) of investments........... 13,997,378 (47,707,162)
---------------- ----------------
Net increase in net assets resulting from operations........................ 18,514,691 37,981,051
---------------- ----------------
Class A:
Distributions to shareholders: (Note 1)
From net investment income.................................................... (219,488) --
Advisor Class:
Distributions to shareholders: (Note 1)
From net investment income.................................................... (5,487) --
---------------- ----------------
Total distributions......................................................... (224,975) --
---------------- ----------------
Capital share transactions: (Note 4)
Increase from capital shares sold and reinvested.............................. 410,769,788 1,267,100,757
Decrease from capital shares repurchased...................................... (477,746,631) (1,327,093,718)
---------------- ----------------
Net decrease from capital share transactions................................ (66,976,843) (59,992,961)
---------------- ----------------
Total decrease in net assets.................................................... (48,687,127) (22,011,910)
Net assets:
Beginning of period........................................................... 293,580,062 315,591,972
---------------- ----------------
End of period *............................................................... $ 244,892,935 $ 293,580,062
---------------- ----------------
---------------- ----------------
* Includes undistributed net investment income of.............................. $ 891,469 $ 219,672
---------------- ----------------
---------------- ----------------
</TABLE>

The accompanying notes are an integral part of the financial statements.

F9
<PAGE>
AIM LATIN AMERICAN GROWTH FUND
(FORMERLY GT GLOBAL LATIN AMERICA GROWTH 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+
----------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED OCTOBER 31,
APRIL 30, ---------------------------------------------------------
1998 (d) 1997 (d) 1996 (d) 1995 (d) 1994 (d) 1993 (d)
---------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 19.50 $ 17.95 $ 15.38 $ 26.11 $ 19.78 $ 15.59
---------- --------- --------- --------- --------- ---------
Income from investment operations:
Net investment income (loss).......... 0.09* 0.11 0.09 0.15 (0.08) 0.18**
Net realized and unrealized gain
(loss) on investments................ 1.15 1.44 2.59 (9.28) 6.75 5.21
---------- --------- --------- --------- --------- ---------
Net increase (decrease) from
investment operations.............. 1.24 1.55 2.68 (9.13) 6.67 5.39
---------- --------- --------- --------- --------- ---------
Distributions to shareholders:
From net investment income............ (0.03) -- (0.08) -- (0.19) (0.12)
From net realized gain on
investments.......................... -- -- -- (1.60) (0.15) (1.08)
In excess of net investment income.... -- -- (0.03) -- -- --
---------- --------- --------- --------- --------- ---------
Total distributions................. (0.03) -- (0.11) (1.60) (0.34) (1.20)
---------- --------- --------- --------- --------- ---------
Net asset value, end of period.......... $ 20.71 $ 19.50 $ 17.95 $ 15.38 $ 26.11 $ 19.78
---------- --------- --------- --------- --------- ---------
---------- --------- --------- --------- --------- ---------

Total investment return (c)............. 6.50%(b) 8.52% 17.52% (37.16)% 34.10% 37.1%
Ratios and supplemental data:
Net assets, end of period (in 000's).... $131,815 $159,496 $177,373 $182,462 $336,960 $129,280
Ratio of net investment income (loss) to
average net assets:
With expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc. (Note 1)............ 0.90%(a) 0.52% 0.46% 0.86% (0.29)% 1.29%
Without expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc...................... 0.71%(a) 0.42% 0.39% 0.85% N/A 1.2%
Ratio of operating expenses to average
net assets:
With expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc. (Note 1)............ 1.99%(a) 1.96% 2.03% 2.11% 2.04% 2.4%
Without expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc...................... 2.18%(a) 2.06% 2.10% 2.12% N/A 2.49%
Ratio of interest expense to average net
assets (Note 1)++++.................... 0.16%(a) N/A N/A N/A N/A N/A
Portfolio turnover rate++++............. 27%(a) 130% 101% 125% 155% 112%
Average commission rate per share paid
on portfolio transactions++++.......... $ 0.0016 $ 0.0007 $ 0.0005 N/A N/A N/A
</TABLE>

- ----------------

(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 period.
* Before reimbursement by Chancellor LGT Asset Management, Inc., the net
investment income per share would have been reduced by $0.02.
** Before reimbursement by Chancellor LGT Asset Management, Inc., the net
investment income per share would have been reduced by $0.02.
+ All capital shares issued and outstanding as of March 31, 1993 were
reclassified as Class A shares.
++ Commencing April 1, 1993, the Fund began offering Class B shares.
+++ Commencing June 1, 1995, the Fund began offering Advisor Class shares.
++++ Portfolio turnover rate, average commission rate, and ratio of
interest expense to average net assets are calculated on the basis of
the Fund as a whole without distinguishing between the classes of
shares issued.
N/A Not Applicable.

The accompanying notes are an integral part of the financial statements.

F10
<PAGE>
AIM LATIN AMERICAN GROWTH FUND
(FORMERLY GT GLOBAL LATIN AMERICA GROWTH FUND)

FINANCIAL HIGHLIGHTS (cont'd)

<TABLE>
<CAPTION>
CLASS B++
--------------------------------------------------------------------------
SIX MONTHS APRIL 1, 1993
ENDED YEAR ENDED OCTOBER 31, TO
APRIL 30, --------------------------------------------- OCTOBER 31,
1998 (d) 1997 (d) 1996 (d) 1995 (d) 1994 (d) 1993 (d)
---------- --------- --------- --------- --------- -------------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 19.23 $ 17.78 $ 15.21 $ 25.94 $ 19.75 $ 16.26
---------- --------- --------- --------- --------- -------------
Income from investment operations:
Net investment income (loss).......... 0.04* 0.01 (0.00) 0.06 (0.22) (0.07)
Net realized and unrealized gain
(loss) on investments................ 1.13 1.44 2.59 (9.19) 6.74 3.56
---------- --------- --------- --------- --------- -------------
Net increase (decrease) from
investment operations.............. 1.17 1.45 2.59 (9.13) 6.52 3.49
---------- --------- --------- --------- --------- -------------
Distributions to shareholders:
From net investment income............ -- -- (0.01) -- (0.18) --
From net realized gain on
investments.......................... -- -- -- (1.60) (0.15) --
In excess of net investment income.... -- -- (0.01) -- -- --
---------- --------- --------- --------- --------- -------------
Total distributions................. -- -- (0.02) (1.60) (0.33) --
---------- --------- --------- --------- --------- -------------
Net asset value, end of period.......... $ 20.40 $ 19.23 $ 17.78 $ 15.21 $ 25.94 $ 19.75
---------- --------- --------- --------- --------- -------------
---------- --------- --------- --------- --------- -------------

Total investment return (c)............. 6.19%(b) 8.04% 17.02% (37.42)% 33.33% 21.5% (b)
Ratios and supplemental data:
Net assets, end of period (in 000's).... $112,322 $133,448 $137,400 $134,527 $211,673 $13,576
Ratio of net investment income (loss) to
average net assets:
With expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc. (Note 1)............ 0.40%(a) 0.02% (0.04)% 0.36% (0.79)% (0.7)% (a)
Without expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc...................... 0.21%(a) (0.08)% (0.11)% 0.35% N/A N/A
Ratio of operating expenses to average
net assets:
With expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc. (Note 1)............ 2.49%(a) 2.46% 2.53% 2.61% 2.54% 2.9% (a)
Without expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc...................... 2.68%(a) 2.56% 2.60% 2.62% N/A N/A
Ratio of interest expense to average net
assets (Note 1)++++.................... 0.16%(a) N/A N/A N/A N/A N/A
Portfolio turnover rate++++............. 27%(a) 130% 101% 125% 155% 112%
Average commission rate per share paid
on portfolio transactions++++.......... $ 0.0016 $ 0.0007 $ 0.0005 N/A N/A N/A
</TABLE>

- ----------------

The accompanying notes are an integral part of the financial statements.

F11
<PAGE>
AIM LATIN AMERICAN GROWTH FUND
(FORMERLY GT GLOBAL LATIN AMERICA GROWTH FUND)

FINANCIAL HIGHLIGHTS (cont'd)

<TABLE>
<CAPTION>
ADVISOR CLASS+++
-----------------------------------------------
SIX MONTHS YEAR ENDED JUNE 1, 1995
ENDED OCTOBER 31, TO
APRIL 30, ------------------- OCTOBER 31,
1998 (d) 1997 (d) 1996 (d) 1995
---------- -------- -------- ------------
<S> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 19.57 $ 17.94 $ 15.40 $15.95
---------- -------- -------- ------------
Income from investment operations:
Net investment income (loss).......... 0.13* 0.19 0.17 0.09
Net realized and unrealized gain
(loss) on investments................ 1.15 1.44 2.58 (0.64)
---------- -------- -------- ------------
Net increase (decrease) from
investment operations.............. 1.28 1.63 2.75 (0.55)
---------- -------- -------- ------------
Distributions to shareholders:
From net investment income............ (0.15) -- (0.14) --
From net realized gain on
investments.......................... -- -- -- --
In excess of net investment income.... -- -- (0.07) --
---------- -------- -------- ------------
Total distributions................. (0.15) -- (0.21) --
---------- -------- -------- ------------
Net asset value, end of period.......... $ 20.70 $ 19.57 $ 17.94 $15.40
---------- -------- -------- ------------
---------- -------- -------- ------------

Total investment return (c)............. 6.64%(b) 8.91% 18.16% (3.45)% (b)
Ratios and supplemental data:
Net assets, end of period (in 000's).... $ 757 $ 636 $ 818 $ 369
Ratio of net investment income (loss) to
average net assets:
With expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc. (Note 1)............ 1.40%(a) 1.02% 0.96% 1.36% (a)
Without expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc...................... 1.21%(a) 0.92% 0.89% 1.35% (a)
Ratio of operating expenses to average
net assets:
With expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc. (Note 1)............ 1.49%(a) 1.46% 1.53% 1.61% (a)
Without expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc...................... 1.68%(a) 1.56% 1.60% 1.62% (a)
Ratio of interest expense to average net
assets (Note 1)++++.................... 0.16%(a) N/A N/A N/A
Portfolio turnover rate++++............. 27%(a) 130% 101% 125%
Average commission rate per share paid
on portfolio transactions++++.......... $0.0016 $0.0007 $0.0005 N/A
</TABLE>

- ----------------

The accompanying notes are an integral part of the financial statements.

F12
<PAGE>
AIM LATIN AMERICAN GROWTH FUND
(FORMERLY GT GLOBAL LATIN AMERICA GROWTH FUND)

NOTES TO
FINANCIAL STATEMENTS
April 30, 1998

- --------------------------------------------------------------------------------

The following Notes to Financial Statements are for the period ending April 30,
1998, and unless otherwise indicated reflect facts as of that date. Please see
"Note 5 -- Subsequent Events" for a discussion of certain changes which took
place after April 30, 1998.

1. SIGNIFICANT ACCOUNTING POLICIES (SEE ALSO NOTE 5)
GT Global Latin America Growth Fund ("Fund") is a separate series of GT
Investment Funds, Inc. ("Company"). Effective June 1, 1998, the Company was
renamed A I M Investment Funds, Inc. and the Fund was renamed AIM Latin American
Growth Fund. 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
Manager deems it appropriate, prices obtained for the day of valuation from a
bond pricing service will be used. Short-term investments with maturity of 60
days or less are valued at amortized cost adjusted for foreign exchange
translation and market fluctuation, 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 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 differences 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

F13
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AIM LATIN AMERICAN GROWTH FUND
(FORMERLY GT GLOBAL LATIN AMERICA GROWTH FUND)

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 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
amount shown in the Fund's "Statement of Assets and Liabilities." The Fund could
be exposed to risk if a counterparty 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 an 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 securities and, for a put, requires
the Fund to maintain in a segregated account cash, U.S. government securities,
or other liquid 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. At April 30,
1998, the fund had no open futures contracts.

(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. Interest income is recorded on the
accrual basis. Where a high level of uncertainty exists as to its 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 party to the transaction fails to
deliver and causes the Fund to subsequently invest at less advantageous prices.

(H) 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

F14
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AIM LATIN AMERICAN GROWTH FUND
(FORMERLY GT GLOBAL LATIN AMERICA GROWTH FUND)

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. The Fund currently
has a capital loss carry forward of $14,939,326, of which $8,211,999 expires in
2003 and $6,727,327 expires in 2004.

(I) 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.

(J) FOREIGN SECURITIES
There are certain additional considerations and risks associated with investing
in foreign securities and currency transactions that are not inherent in
investments of domestic origin. The Fund's investments in emerging market
countries may involve greater risks than investments in more developed markets
and the prices 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.

(K) 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.

(L) 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.

(M) PORTFOLIO SECURITIES LOANED
At April 30, 1998, stocks with an aggregate value of approximately $29,932,877
were on loan to brokers. The loans were secured by cash collateral of
$30,797,802. 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. The
cash collateral is invested in a securities lending trust which consists of a
portfolio of high quality short duration securities whose average effective
duration is restricted to 120 days or less. For the six months ended April 30,
1998, the Fund received $92,678 of income from securities lending.

(N) LINE OF CREDIT
The Fund, along with certain other funds ("GT Funds") advised and/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 $250,000,000. The
Fund is limited to borrowing up to 33 1/3% of the value of each Fund's total
assets. On April 30, 1998, the Fund had no loans outstanding.

For the six months ended April 30, 1998, the weighted average outstanding daily
balance of bank loans (based on the number of days the loans were outstanding)
for the Fund was $8,818,847, with a weighted average interest rate of 6.28%.
Interest expense for the Fund for the six months ended April 30, 1998, was
$201,369. Other interest expense charges amounted to $7,489.

2. RELATED PARTIES (SEE ALSO NOTE 5)
For the period ended April 30, 1998, Chancellor LGT Asset Management, Inc. was
the Fund's investment manager and administrator. The Fund pays investment
management and administration fees to the Manager at the annualized rate of
0.975% of the first $500 million of average daily net assets of the Fund; 0.95%
of the next $500 million; 0.925% of the next $500 million and 0.90% on amounts
thereafter. These fees are computed daily and paid monthly.

For the period ended April 30, 1998, GT Global Inc. ("GT Global"), an affiliate
of the Manager, is 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 period ended April 30, 1998, GT Global retained $15,816
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 $74 for the period ended April 30, 1998. 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 six months ended April 30, 1998, GT Global collected CDSCs
in the amount of $513,130. In addition, GT Global makes ongoing shareholder
servicing and trail commission payments to dealers whose clients hold Class B
shares.

F15
<PAGE>
AIM LATIN AMERICAN GROWTH FUND
(FORMERLY GT GLOBAL LATIN AMERICA GROWTH FUND)

Pursuant to the then effective separate distribution plans adopted under 1940
Act Rule 12b-1 by the Company's Board of Directors with respect to the Fund's
Class A shares ("Class A Plan") and Class B shares ("Class B Plan"), the Fund
reimbursed GT Global for a portion of its shareholder servicing and distribution
expenses. Under that Class A Plan, the Fund was permitted to 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 was permitted to pay GT
Global a distribution fee at the annualized rate of up to 0.50% 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 was
reimbursed under the Class A Plan would have been incurred within one year of
such reimbursement.

For the period ended April 30, 1998, pursuant to that Class B Plan, the Fund was
permitted to 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 was
permitted to 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 were permitted to be
carried forward for reimbursement in subsequent years as long as that Plan
continued in effect.

The Manager and GT Global voluntarily undertook to limit the Fund's expenses
(exclusive of brokerage commissions, taxes, interest, and extraordinary
expenses) to the maximum annual rate of 2.00%, 2.50%, and 1.50% of the average
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.

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 results according to the Funds 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 six months ended April 30, 1998, purchases and sales of investment
securities by the Fund, other than short-term investments, aggregated
$36,018,185 and $101,582,285. There were no purchases or sales of U.S.
government obligations for the six months ended April 30, 1998.

4. CAPITAL SHARES
At April 30, 1998, 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 Global Growth & Income
Fund; 200,000,000 were classified as shares of GT Global Small Companies Fund
(inactive); 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;
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; and
200,000,000 were classified as shares of GT Global Financial Services 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:

F16
<PAGE>
AIM LATIN AMERICAN GROWTH FUND
(FORMERLY GT GLOBAL LATIN AMERICA GROWTH FUND)

CAPITAL SHARE TRANSACTIONS
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 1998 OCTOBER 31, 1997
----------------------------------- -----------------------------------
CLASS A SHARES AMOUNT SHARES AMOUNT
- ---------------------------------------- --------------- ------------------ --------------- ------------------
<S> <C> <C> <C> <C>
Shares sold............................. 13,405,201 $ 265,384,384 46,171,230 $ 937,785,689
Shares issued in connection with
reinvestment of distributions......... 8,768 183,853 -- --
--------------- ------------------ --------------- ------------------
13,413,969 265,568,237 46,171,230 937,785,689
Shares repurchased...................... (15,226,871) (303,415,633) (47,874,889) (980,118,186)
--------------- ------------------ --------------- ------------------
Net decrease............................ (1,812,902) $ (37,847,396) (1,703,659) $ (42,332,497)
--------------- ------------------ --------------- ------------------
--------------- ------------------ --------------- ------------------

CLASS B
- ----------------------------------------
<S> <C> <C> <C> <C>
Shares sold............................. 6,421,237 $ 124,959,479 14,424,170 $ 299,346,687
Shares issued in connection with
reinvestment of distributions......... -- -- -- --
--------------- ------------------ --------------- ------------------
6,421,237 124,959,479 14,424,170 299,346,687
Shares repurchased...................... (7,853,666) (154,120,468) (15,210,392) (316,506,347)
--------------- ------------------ --------------- ------------------
Net decrease............................ (1,432,429) $ (29,160,989) (786,222) $ (17,159,660)
--------------- ------------------ --------------- ------------------
--------------- ------------------ --------------- ------------------
<CAPTION>

ADVISOR CLASS
- ----------------------------------------
<S> <C> <C> <C> <C>
Shares sold............................. 1,027,199 $ 20,236,630 1,448,623 $ 29,968,381
Shares issued in connection with
reinvestment of distributions......... 260 5,442 -- --
--------------- ------------------ --------------- ------------------
1,027,459 20,242,072 1,448,623 29,968,381
Shares repurchased...................... (1,023,376) (20,210,530) (1,461,777) (30,469,185)
--------------- ------------------ --------------- ------------------
Net increase (decrease)................. 4,083 $ 31,542 (13,154) $ (500,804)
--------------- ------------------ --------------- ------------------
--------------- ------------------ --------------- ------------------
</TABLE>

5. SUBSEQUENT EVENTS
On May 29, 1998, Liechtenstein Global Trust ("LGT"), the former indirect parent
organization of Chancellor LGT Asset Management, Inc. ("Chancellor LGT"),
consummated a purchase agreement with AMVESCAP PLC pursuant to which AMVESCAP
PLC acquired LGT's Asset Management Division, which included Chancellor LGT and
certain other affiliates. As a result of this transaction, Chancellor LGT was
renamed INVESCO (NY), Inc. and is now an indirect wholly-owned subsidiary of
AMVESCAP PLC. In connection with this transaction, A I M Advisors, Inc. ("AIM"),
an indirect wholly-owned subsidiary of AMVESCAP PLC, became the investment
adviser and administrator of the Fund and INVESCO (NY), Inc. became the
sub-adviser and sub-administrator of the Fund. In addition, A I M Distributors,
Inc. replaced GT Global, Inc. as the Fund's principal underwriter and the Fund
became subject to compensation-type Rule 12b-1 plans of distribution, which
replaced the Fund's former reimbursement-type Rule 12b-1 plans of distribution.
All of the changes became effective as of the close of business on May 29, 1998.

F17
<PAGE>
AIM LATIN AMERICAN GROWTH FUND
(FORMERLY GT GLOBAL LATIN AMERICA GROWTH FUND)

NOTES

- --------------------------------------------------------------------------------
<PAGE>
AIM LATIN AMERICAN GROWTH 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, please contact your Financial Adviser or call 1-800-824-1580. The
prospectus contains more complete information, including charges, expenses and
risks. Investors should read the prospectus carefully before investing.

EQUITY FUNDS

AIM NEW DIMENSION FUND
(FORMERLY GT GLOBAL NEW DIMENSION FUND)
Captures global growth opportunities by investing directly in the six global
theme funds

AIM WORLDWIDE GROWTH FUND
(FORMERLY GT GLOBAL WORLDWIDE GROWTH FUND)
Invests around the world, including the U.S.

AIM INTERNATIONAL GROWTH FUND
(FORMERLY GT GLOBAL INTERNATIONAL GROWTH FUND)
Offers portfolio diversity by investing outside the U.S.

AIM EMERGING MARKETS FUND
(FORMERLY GT GLOBAL EMERGING MARKETS FUND)
Provides access to the growth potential of developing economies

AIM DEVELOPING MARKETS FUND
(FORMERLY GT GLOBAL DEVELOPING MARKETS FUND)
Invests in debt and equity securities of developing market issuers

AIM NEW PACIFIC GROWTH FUND
(FORMERLY GT GLOBAL NEW PACIFIC GROWTH FUND)
Offers access to emerging and established markets of the Pacific Rim, excluding
Japan

AIM JAPAN GROWTH FUND
(FORMERLY GT GLOBAL JAPAN GROWTH FUND)
Provides U.S. investors with access to the Japanese market

AIM EUROPE GROWTH FUND
(FORMERLY GT GLOBAL EUROPE GROWTH FUND)
Focuses on investment opportunities in Europe

AIM LATIN AMERICAN GROWTH FUND
(FORMERLY GT GLOBAL LATIN AMERICA GROWTH FUND)
Invests in the emerging markets of Latin America

AIM SMALL CAP EQUITY FUND
(FORMERLY GT GLOBAL AMERICA SMALL CAP GROWTH FUND)
Invests in equity securities of small U.S. companies

AIM MID CAP GROWTH FUND
(FORMERLY GT GLOBAL MID CAP GROWTH FUND)
Concentrates on medium-sized companies in the U.S.

AIM AMERICA VALUE FUND
(FORMERLY GT GLOBAL AMERICA VALUE FUND)
Looks for equity securities of large cap U.S. companies believed to be
undervalued

GROWTH AND INCOME FUND

AIM GLOBAL GROWTH & INCOME FUND
(FORMERLY GT GLOBAL GROWTH & INCOME FUND)
Invests in blue-chip stocks and government securities from around the world

INCOME FUNDS

AIM GLOBAL GOVERNMENT INCOME FUND
(FORMERLY GT GLOBAL GOVERNMENT INCOME FUND)
Seeks to earn monthly income from global government securities

AIM STRATEGIC INCOME FUND
(FORMERLY GT GLOBAL STRATEGIC INCOME FUND)
Allocates its assets among debt securities from the U.S., developed foreign
countries and emerging markets

AIM GLOBAL HIGH INCOME FUND
(FORMERLY GT GLOBAL HIGH INCOME FUND)
Invests in debt securities of emerging markets

AIM FLOATING RATE FUND
(FORMERLY GT GLOBAL FLOATING RATE FUND)
Invests primarily in senior secured floating rate loans with the potential to
achieve a high level of current income

AIM DOLLAR FUND
(FORMERLY GT GLOBAL DOLLAR FUND)
Invests in high quality, U.S. dollar-denominated money market securities
worldwide for stability and preservation of capital

THEME FUNDS

AIM GLOBAL CONSUMER PRODUCTS AND SERVICES FUND
(FORMERLY GT GLOBAL CONSUMER PRODUCTS AND SERVICES FUND)
Focuses on worldwide opportunities resulting from the demand for consumer
products and services

AIM GLOBAL FINANCIAL SERVICES FUND
(FORMERLY GT GLOBAL FINANCIAL SERVICES FUND)
Focuses on the worldwide opportunities stemming from the demand for financial
services and products

AIM GLOBAL HEALTH CARE FUND
(FORMERLY GT GLOBAL HEALTH CARE FUND)
Invests in growing health care industries worldwide

AIM GLOBAL INFRASTRUCTURE FUND
(FORMERLY GT GLOBAL INFRASTRUCTURE FUND)
Invests in companies that build, improve or maintain a country's infrastructure

AIM GLOBAL RESOURCES FUND
(FORMERLY GT GLOBAL NATURAL RESOURCES FUND)
Concentrates on companies that own, explore or develop natural resources

AIM GLOBAL TELECOMMUNICATIONS FUND
(FORMERLY GT GLOBAL TELECOMMUNICATIONS FUND)
Invests in companies worldwide that develop, manufacture or sell
telecommunications services or equipment

This report must be accompanied or preceded by a current prospectus.
<PAGE>

[LOGO]

A I M Distributors, Inc.
Fifty California Street
27th Floor
San Francisco, California
94111-4624

DATED MATERIAL
PLEASE EXPEDITE

AIM Latin American Growth Fund
LAG-SAR-1