AIM INVESTMENT FUNDS, N-30D, 1998-07-09

AIM INVESTMENT FUNDS
N-30D, 1998-07-09

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<PAGE>

[GRAPHIC]

AIM GLOBAL

INCOME FUNDS

FORMERLY GT GLOBAL
INCOME FUNDS

SEMIANNUAL REPORT

APRIL 30, 1998

INVEST WITH DISCIPLINE

<PAGE>

AIM GLOBAL
INCOME FUNDS

TABLE OF CONTENTS

Message from the Chairmen. . . . . . . . . . . . . . . . . . . . . . . 1

Market Overview. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

AIM Global
Government Income Fund . . . . . . . . . . . . . . . . . . . . . . . . 4

AIM Global
High Income Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

AIM Strategic
Income Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

Financials. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F-1
Inside Back
List of Funds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cover

Views of the Funds' management as described in this report are as of the date it
was written. Portfolio holdings and allocations are as of April 30, 1998,
unless otherwise noted. Views, portfolio holdings and allocations may have
changed subsequent to these dates.

<PAGE>

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-

<PAGE>

MARKET OVERVIEW

FUND MANAGEMENT

CHENG-HOCK LAU - Chief Investment Officer, Global Fixed Income. Prior to 1995,
Mr. Lau spent a total of 13 years with Fiduciary Trust, Bankers Trust and Glaxo
Enterprises as a fund manager for Global Fixed Income. He received his B.B.A.
from the University of Oregon.

DAVID HUGHES - Head of Global Fixed Income, North America, and a senior
portfolio manager responsible for global/international fixed income and foreign
currency management for the Fixed Income Group. David earned a B.A. in
Economics (with honors) and Policy and Management Studies with concentrations in
International Studies from Dickinson College in 1991.

CRAIG MUNRO - Head of Emerging Market Debt and a portfolio manager in the
Global Fixed Income Group. Craig earned his B.S. in Finance and Economics in
1985 and his M.B.A. in Finance in 1989, both from Fordham University. He is a
Chartered Financial Analyst.

In this report, Mr. Lau, Mr. Hughes and Mr. Munro discuss their views and
expectations for global fixed income markets.

ESTABLISHED MARKETS

In general terms, bond performance in established markets has been relatively
flat over the past few months. However, despite being soundly outshone by the
stock market, bond performance seems to have been satisfactory for investors.
Two reasons may explain this: first, fears of worldwide inflation are not the
issue they once were; and, second, many investors harbor feelings of elemental
caution about the prolonged, white-hot equity market.

At the end of the first quarter of 1998, yields for 30-year U.S. Treasuries were
up only slightly from last year's end of the fourth quarter. First-quarter 1998
yield on shorter-term U.S. Treasuries were down slightly. In mid-January, U.S.
Treasury yields fell to their lowest point in the last 20 years, under the
shadow of Asia's economic crisis. As the quarter wore on, however, the strength
of the U.S. economy overcame these negative effects.

The bond market in Europe was only slightly more favorable than the U.S. market.
Performance was generally flat throughout the first quarter, due to the Asian
situation, and was suppressed by continued low inflation in the region. Yields
fell sharply in many countries because of enthusiasm about interest rate
convergence, as major European countries move toward monetary union next year.
Performance improved in the second quarter on the back of realization that
events in Asia weren't as dire as first feared.

The first-quarter drop in yields further fueled the longest bull market in
history and continued the trend of retail equity investment in Europe. Europe's
growth cycle seems to be undergoing a shift from export-driven economic activity
to domestic demand momentum, particularly in many smaller European markets.

<PAGE>

Growth of derivatives markets has also slowed, reflecting the decline in
volatility in European interest rates and currencies. Again, this comes in
anticipation of Economic and Monetary Union (EMU). In general, European
financial markets have enjoyed buoyant conditions.

In Japan, authorities may have begun to realize the importance of opening up
capital markets. In spite of the country's economic malaise, we are seeing
faint signals of change. For example, we believe the increase in corporate bond
issuance last year may suggest a positive trend.

EMERGING MARKETS

The Asian financial crisis has cast a pall over most emerging bond markets. As
expected, established economies were able to weather the Asian crisis with
aplomb. How emerging markets will fare going forward remains to be seen.
Relatively low global inflation and falling bond yields in established markets
have suppressed investors' exuberance for emerging market debt. Investors
apparently remember the apex of the Asian crisis last year, when emerging
markets yield spreads more than doubled relative to U.S. Treasuries.

Fear also exists that the current deflation in Asia could spread throughout the
global economy. As stated earlier, we believe these fears are unfounded.
However, if established markets become inundated with cheap Asian goods,
corporate pricing power and profits could possibly be undermined. We believe
this scenario has bearish implications for global equity markets. Conversely,
the impact on bonds could be favorable.

Latin America is suffering lingering effects of the Asian meltdown. Lower
commodity prices and increased export competition are resulting in deteriorating
trade accounts for most Latin countries and make exchange rates more difficult
to control.

Looking ahead, the trend of Asia's exports could be a good indicator of whether
the region is on a path to recovery. In a global context, we would expect even
slight deflation to favor bonds over stocks.

PERFORMANCE OF WORLD GOVERNMENT BOND MARKETS
FOR THE TEN YEAR PERIOD ENDING APRIL 30, 1998

<TABLE>
<S> <C>
Italy 28024
Australia 27973
UK 25579
Spain 25356
France 24541
Canada 24213
Belgium 23123
U.S. 22951
Netherlands 20018
Germany 19207
Japan 17747
</TABLE>

$10,000 INITIAL INVESTMENT ON APRIL 30, 1988.

Performance of government bond markets since April, 1988. These indices are
unmanaged and not available for direct investment. Past performance is no
indication of future results.

Source: J.P. Morgan Indices as provided by Datastream, April 1988

WORLD GOVERNMENT BOND MARKET CAPITALIZATION

$5.3 Trillion

Source: J.P. Morgan, Inc. Market capitalization as represented by the J.P.
Morgan Global Government Bond Index, April 30, 1998.

3
<PAGE>

[GRAPHIC]

INVESTMENT OBJECTIVE

The Fund primarily seeks a high level of current income. The Fund's secondary
objectives are capital appreciation and protection of principal through active
management of maturity structure and currency exposure. It invests primarily in
high-quality U.S. and foreign government securities.

AIM GLOBAL GOVERNMENT INCOME FUND
(FORMERLY GT GLOBAL GOVERNMENT INCOME FUND)

PERFORMANCE SUMMARY

<TABLE>
<CAPTION>
- AIM Global Government Income + J.P. Morgan Global
Fund Class A Shares Gov't Bond Index

The chart above shows the performance of the AIM Global Government Income Fund
Class A shares since inception, versus the J.P. Morgan Global Government Bond
Index. This represents a cumulative return of 90.78% and an average annual
total return of 6.61%. 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 October 22, 1992, would have been valued at $13,536. This
figure reflects all Fund expenses, the applicable contingent deferred sales
charge (5% in the first year, decreasing to 0% after six years) and assumes
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 $11,919 on
April 30, 1998.

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

<TABLE>
<CAPTION>
WITHOUT SALES CHARGE(2) WITH SALES CHARGE

SHARE CLASS 1-YEAR 5-YEAR 10-YEAR LIFE OF FUND 1-YEAR 5-YEAR 10-YEAR LIFE OF FUND
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CLASS A(3) 10.27 5.79 7.29 7.13 5.02 4.77 6.76 6.61
CLASS B(3) 9.59 5.11 N/A 5.76 4.59 4.83 N/A 5.64
ADVISOR CLASS(4) 11.17 N/A N/A 6.21 N/A N/A N/A N/A
</TABLE>

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

<TABLE>
<CAPTION>
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CLASS A 1.12(3) 11.14 8.77 13.67 1.94 25.52 -13.95 15.63 6.05 3.37
CLASS B N/A N/A N/A N/A -1.04(3) 24.70 -14.44 14.56 5.50 2.72
</TABLE>

(1) Figures assume reinvestment of all dividends and capital gains
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 the performance
quoted.

(3) The Fund began operations on March 29, 1988; Class B shares commenced on
October 22, 1992.

(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 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 adviser may waive some fees and/or
reimburse some expenses, without which performance would be lower. Waivers
and reimbursements are subject to change.

<PAGE>

INTERVIEW WITH CHIEF INVESTMENT OFFICER,
GLOBAL FIXED INCOME, HOCK LAU

Q HOW DID THE FUND PERFORM?

A The Fund outperformed its benchmark, (the J.P. Morgan Global Government Bond
Index(5)) over the six months ending April 30, 1998. Total return for Class A
shares was 4.05% (-0.88% including the maximum 4.75% sales charge) and 3.85%
(-1.15% including the maximum 5% contingent deferred sales charge) for Class B
shares. During the same period, total return for the J.P. Morgan Global
Government Bond Index was 1.20%.

Q HOW WAS THE FUND POSITIONED?

A The Fund maintained overweighted bond positions in the European bloc and an
underweighted position in Japan during this review period. Additionally, we
favored the dollar bloc Australian market as austere fiscal policies led to low
inflation. While we were underweight in the United States during the review
period, strong economic growth, a rising dollar, prospects for fiscal balance,
and the lowest inflation in over a decade provided a favorable backdrop for
bonds.

In Europe, convergence toward German yield levels in the run-up to Economic
and Monetary Union (EMU) finally came to an end in the beginning of this year.
Most of the former high yielders are now only 0.30% above the German standard.
We favored the bonds of Italy as their hard work to meet Maastricht criteria
resulted in the lowest rates of inflation in over 30 years. Even though the UK
has opted out of EMU membership for the time being, excellent economic
fundamentals, coupled with a strong currency, provided good market returns.

The Fund also had positions in investment grade securities in Mexico, South
Africa, Tunisia and Uruguay.

Q HOW DID FUND HOLDINGS PERFORM?

A Worldwide decline in inflation allowed interest rates in the three major
economies -- Germany, Japan, and the United States -- to trend lower. Steady to
lower interest rates in these countries allowed other global interest rates to
converge. Disappointingly, our German and U.S. holdings were outperformed by the
benchmark index.

Australian bonds converged and actually traded through the United States,
producing 10-year bond yields lower than comparable U.S. bond yields for the
first time since December 1984. European high-yielding bonds were all able to
outperform as they converged to German yield levels.

Our holdings of South African bonds provided a favorable return as expectations
for declining inflation were met. Inflation, at 5.4% on a year over year basis,
was at its lowest level in over three decades. A stable Mexican peso allowed the
Fund to capture higher yielding Mexican treasury bills.

Q WHAT EVENTS DOMINATED GLOBAL DEBT MARKETS?

A What had started out in the summer of 1997 as a few isolated devaluations in
Southeast Asia quickly turned into an economic crisis that engulfed the whole
region. As their currencies devalued, economic growth collapsed, sending many
economies into their first recession in several decades.

As the region's domestic demand collapsed, their need for raw materials also
crumpled. Crude oil and the Commodities Research Bureau (CRB) Index fell to
their lowest levels since the end of 1993. The fall in commodity prices and the
supply of excess labor contributed to deflationary

(5) The J.P. Morgan Global Government Bond Index is a market value-weighted
average of government bonds from 13 major bond markets. It includes the
effect of reinvested coupons and is measured in U.S. dollars.

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

5
<PAGE>

INTERVIEW WITH THE CHIEF INVESTMENT OFFICER Continued

trends that allowed dollar bloc and European bonds to rally even though their
respective economies had been growing.

Q WHAT ARE YOUR EXPECTATIONS FOR THE REST OF THE YEAR?

A The United States economy has continued to grow strongly despite being in its
seventh year of expansion. There had been talk that the Federal Reserve would
have to raise interest rates to cool consumer demand, which is two-thirds of GDP
and is increasing at its hottest pace in six years. However, even though U.S.
factories are at full capacity and unemployment, at 4.3%, is at a 28-year low,
we believe the excess manufacturing capacity in Asia should be able to meet U.S.
demand and keep its economy from overheating.

Global inflation should continue to trend lower as there is still a lot of
excess capacity left in global manufacturing. Stronger growth in the U.S. and
Europe need not be inflationary if, as has been the case, fiscal spending is
restrained.

<TABLE>
<CAPTION>
GEOGRAPHIC ALLOCATION OF NET ASSETS %
<S> <C>
Uruguay 1.3
Spain 1.8
Australia 1.9
Tunisia 2.0
Canada 2.4
Sweden 3.6
Mexico 4.7
Italy 8.4
Germany 10.1
Denmark 10.7
South Africa 13.2
UK 17.2
United States & Other 22.7
</TABLE>

Allocations may change based on current market conditions.

<PAGE>

[Graphic]

INVESTMENT OBJECTIVE AND CURRENT STRATEGY

The Fund primarily seeks high current income and, secondarily, capital
appreciation. It invests primarily in debt securities from emerging markets
around the world where we perceive value through improving fundamentals.

AIM GLOBAL HIGH INCOME FUND

(FORMERLY GT GLOBAL HIGH INCOME FUND)
PERFORMANCE SUMMARY

- AIM Global High Income + J.P. Morgan EMBI
Fund Class A Shares (Brady) Index

The chart above shows the performance of the AIM Global High Income Fund Class A
shares since inception, versus the J.P. Morgan EMBI (Brady) Index. This
represents a cumulative return of 129.81% and an average annual total return of
16.27% for 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 October 22, 1992 would have been valued at $23,130. This figure
reflects all Fund expenses, the applicable contingent deferred sales charge (5%
in the first year, decreasing to 0% after six years) and assumes 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 $18,529 on April 30,
1998.

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

<TABLE>
<CAPTION>
WITHOUT SALES CHARGE(2) WITH SALES CHARGE
SHARE CLASS 1-Year 5-Year LIFE OF FUND 1-Year 5-Year LIFE OF FUND
<S> <C> <C> <C> <C> <C> <C>
CLASS A(3) 13.94 16.12 17.30 8.53 14.99 16.27
CLASS B(3) 13.15 15.37 16.49 8.93 15.15 16.40
ADVISOR CLASS(4) 14.15 N/A 23.56 N/A N/A N/A
</TABLE>

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

<TABLE>
<CAPTION>
1992(3) 1993 1994 1995 1996 1997
<S> <C> <C> <C> <C> <C> <C>
CLASS A 1.67 51.57 -19.24 20.19 36.77 11.89
CLASS B 1.41 50.39 -19.61 19.27 35.86 11.20
</TABLE>

(1) Figures assume reinvestment of all dividends and capital gains
distributions at net asset value.

(3) The Fund began operations on October 22, 1992.

(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 adviser may waive some fees and/or
reimburse some expenses, without which performance would be lower. Waivers and
reimbursements are subject to change.

<PAGE>

INTERVIEW WITH HEAD OF GLOBAL EMERGING MARKET DEBT CRAIG MUNRO

Q HOW DID THE FUND PERFORM?

A Investor confidence in emerging markets has admittedly been weak in recent
months. This is often the case following periods of intense market volatility
such as that produced by the crisis in Asia. On the other hand, this period can
also be viewed as a time of maximum buying opportunity.

Even though it underperformed its index over the six months ending April 30,
1998, the AIM Global High Income Fund performed reasonably well despite
lingering effects in Asia. Total return for Class A shares was 9.73% (4.49%
including the maximum 4.75% sales charge); total return for Class B shares was
9.37% (5.16% including the maximum 5% contingent deferred sales charge). During
the same period, total return for the J.P. Morgan Emerging Markets Bond Index
Plus (EMBI+)(5) was 14.28% while the J.P. Morgan EMBI (Brady)(6) returned a
total of 14.56%.

Q WHAT HOLDINGS DID WELL FOR THE FUND?

A As a region, our holdings in Latin America performed fairly well relative to
other regions. Our holdings in Mexico performed relatively well and outperformed
the EMBI+ benchmark by a little over 70 basis points (100 basis points equals
1%). On average, during the period we had nearly 50% of the Fund invested in
Latin America. This weighting was lower than the index's average of 76% because
we felt better bargains could be found outside the region.

Unfortunately, our non-Latin holdings proved to be a detriment to the Fund
relative to the index. However, there were some bright spots. For example, the
portfolio's Russian holdings represented nearly 16% of the portfolio for this
period and outperformed the EMBI+ benchmark by nearly 300 basis points.

Q PLEASE DESCRIBE YOUR INVESTMENT STRATEGY OVER THE REVIEW PERIOD.

A We have been slowly reinvesting in the market since the Asian crisis of last
fall. At the beginning of the period we were very overweighted in Mexico and
South Africa as defensive positions. The Fund's investments in securities from
South Africa have since been sold and its Mexican holdings have been reduced to
fund investments in Brazil, Argentina, Russia and Asia. The Fund, however,
remains overweighted in Mexico relative to the index.

During the period, we were substantially underweight in securities from Brazil
and Argentina relative to the EMBI+ Index. However, subsequently we have
increased our positions, making them the Fund's largest, as we are finding their
prospects increasingly attractive.

We have a number of concerns about Russia going forward, not the least of which
are the poor fiscal situation and large amount of short-term foreign capital in
local markets. However, the Russian government is expected to reach an agreement
with the International Monetary Fund in the next few weeks, and the new
government appears proactive

CONTINUED P9

(5) The J.P. Morgan EMBI Plus is a market value-weighted average of
government bonds from 13 emerging bond markets. It includes the effect of
reinvested coupons and is measured in U.S. dollars. Relative to the J.P.
Morgan EMBI (Brady), the EMBI Plus is more diversified both geographically
and in the instruments it tracks.

(6) The J.P. Morgan EMBI (Brady) is a market-weighted average of Brady bonds
from ten emerging bond markets. It includes the effects of reinvested
coupons and is measured in U.S. dollars.
Indices are unmanaged, not available for direct investment and do not incur
sales charges and professional management fees.

<PAGE>

INTERVIEW WITH PORTFOLIO MANAGER Continued

and committed to reform. While we expect the situation in Russia to remain
volatile, we are positive over the next three to six months.

Q WHAT IS YOUR OUTLOOK ON MEXICO?

A We continue to favor Mexico on a fundamental basis. The Mexican government has
been extremely proactive, cutting government spending in response to the fall in
oil prices and extending the maturity structure of their debt. The Mexican
economy is growing strongly, and we think the balance of payments looks healthy
for the next three to six months.

Q DO YOU STILL CONSIDER EMERGING MARKETS ATTRACTIVE?

A We continue to find emerging market debt attractive as an asset class. As of
April 30, 1998, yields are over 250 basis points in excess of U.S. high-yield
bonds, an impressive difference. In addition, emerging markets have historically
offered investors important diversification because of their lower correlation
to other financial asset classes. However, investors should be aware that
investing in emerging markets carries certain additional risks relating to
political uncertainty and currency instability.

GEOGRAPHIC ALLOCATION

[Chart]
<TABLE>
<S> <C>
U.S. & Other 0.4%

Africa 4.0%

Asia-Pacific 18.9%

Eastern Europe 25.4%

Latin America 51.3%
</TABLE>

Allocations may change based on current market conditions.

<PAGE>

[Graphic]

INVESTMENT OBJECTIVE AND CURRENT STRATEGY

The Fund primarily seeks high current income and, secondarily, capital
appreciation. It invests mainly in debt securities of issuers in the U.S.,
developed foreign countries and emerging markets. The Fund selects debt
securities from those issued by governments, their agencies and
instrumentalities, central banks, commercial banks and other corporate entities.

AIM STRATEGIC INCOME FUND
(FORMERLY GT GLOBAL STRATEGIC INCOME FUND)
PERFORMANCE SUMMARY

- AIM Strategic Income Fund + J.P. Morgan Global
Class A Shares Gov't Bond Index

The chart above shows the performance of the AIM Strategic Income Fund Class A
shares since inception, versus the J.P. Morgan Global Government Bond Index.
This represents a cumulative return of 142.2% and an average annual total return
of 9.16% for 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 October 22, 1992 would have been valued at $17,134. This figure
reflects all Fund expenses, the applicable contingent deferred sales charge (5%
in the first year, decreasing to 0% after six years) and assumes complete
redemption at the end of the period. A $10,000 investment in Advisor Class
shares at inception on June 1, 1996, would have been worth $14,845 on April 30,
1998.

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

<TABLE>
<CAPTION>
WITHOUT SALES CHARGE(2) WITH SALES CHARGE
Share Class 1-Year 5-Year 10-Year Life of Fund 1-Year 5-Year 10-Year Life of Fund
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A(3) 11.52 9.92 9.76 9.69 6.21 8.85 9.23 9.16
Class B(3) 10.68 9.22 N/A 10.36 5.68 8.94 N/A 10.25
Advisor Class(4) 11.89 N/A N/A 14.51 N/A N/A N/A N/A
</TABLE>

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

<TABLE>
<CAPTION>
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class A 1.16(3) 10.17 8.39 15.78 1.27 43.95 -20.85 17.06 21.03 6.94
Class B N/A N/A N/A N/A -0.69(3) 43.07 -21.30 16.28 20.31 6.17
</TABLE>

(1) Figures assume reinvestment of all dividends and capital gains
distributions at net asset value.

(3) The Fund began operations on March 29, 1988; Class B shares commenced on
October 22, 1992.

(4) 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 adviser may waive some fees and/or
reimburse some expenses, without which performance would be lower. Waivers and
reimbursements are subject to change

<PAGE>

INTERVIEW WITH HEAD OF GLOBAL FIXED INCOME, NORTH AMERICA, DAVID HUGHES

Q HOW DID THE FUND PERFORM?

A The Fund underperformed its benchmark over the last six months ending April
30, 1998. The Fund's benchmark is composed of 60% J.P. Morgan Global Government
Bond Index(5) and 40% J.P. Morgan Emerging Markets Bond Index Plus (EMBI+)(6).

Total return for Class A shares was 5.92% (0.88% including the maximum 4.75%
sales charge) and 5.58% (0.55% including the maximum 5% contingent deferred
sales charge) for Class B shares. During the same period total return was 1.20%
for the J.P. Morgan Global Government Bond Index and 14.28% for the J.P. Morgan
EMBI+. The aggregate benchmark (60% J.P. Morgan Global Government Bond Index,
40% J.P. Morgan EMBI+) returned 6.52% during this period.

The slight underperformance versus the aggregate benchmark was due in part to
our weightings is Asia, which were a little over 5% of the Fund's portfolio,
versus only 0.61% for the benchmark. Holdings in Australia, New Zealand, Hong
Kong and Malaysia all felt the brunt of the Asian meltdown.

Q WHAT HOLDINGS HAVE PERFORMED WELL FOR THE FUND?

A Holdings in Russia and Mexico were solid performers. We gave Russia a slightly
heavier weighting versus the Fund's benchmark and outperformed the benchmark by
nearly 300 basis points for the period ended April 30, 1998. The Fund's
weighting to Mexico was similar to the benchmark, but, again outperformed the
benchmark by over 300 basis points for the period. In the core section of the
portfolio, holdings in the UK and Sweden were also solid. Additionally, in the
last few months we have added higher yielding bonds to the portfolio, and we are
pleased with the returns from this sector. We do, however, remain cautious with
these types of investments due to the risks inherent in investing in these sorts
of securities.

Q WHAT WAS THE FUND'S INVESTMENT STRATEGY IN ASIA OVER THE LAST SIX MONTHS?

A Although we were fairly confident that interest rates would remain stable, we
were still cautious about the situation in Asia. Our South Korean Holdings
performed well from December through April, returning nearly 14.50%. Otherwise,
we had very little exposure to this region in the first three months of the
year. However, once the initial shock died down and falling prices started to
level off, we slowly bought into the region. In general, the portfolio had above
average duration because of our comfort with the global interest rate
environment. Nevertheless, we hedged all non-U.S. holdings in U.S. dollars.

Q HOW HAVE EUROPEAN MARKETS PERFORMED?

A European markets actually performed much better than we predicted. However, we
think this level of performance may be temporary. Going forward, we believe that
the U.S. and its dollar bloc cousins could outperform Europe. European markets
have enjoyed a run-up, mostly in anticipation of Economic and Monetary Union
(EMU). We believe the good news about increased growth is

CONTINUED P12

(6) The J.P. Morgan EMBI Plus is a market value-weighted average of government
bonds from 13 emerging bond markets. It includes the effect of reinvested
coupons and is measured in U.S. dollars.

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

<PAGE>

INTERVIEW WITH THE PORTFOLIO MANAGERS CONTINUED

tied into the euro (the new European currency scheduled to take effect January
1, 1999), and expect most European markets may just tread water or even trend
down in the next few months.

Q WHAT EVENTS DOMINATED GLOBAL DEBT MARKETS?

A The Asian market crisis is obviously first on the list. Second is the
anticipation of EMU and its 11 members. This was largely responsible for a
stronger U.S. dollar versus European currencies, as well as a much stronger
European bond market. Lastly, the weakness of the Japanese economy and the
apparent inability of policymakers to come up with a cohesive plan for the
future was another significant global event. As a result, companies around the
world are selling their Japanese assets and the world is faced with a newly
created mountain of global liquidity.

Q WHAT ARE YOUR EXPECTATIONS FOR THE U.S. OVER THE NEXT SIX MONTHS?

A We feel confident the U.S. economy will continue to grow, though perhaps not
at the present rate. Growth could even be a little negative in terms of its
absolute level. We don't fear a recession, but we don't expect the economy to
continue at the torrid pace of last year and the first quarter of this year. We
anticipate no problems form inflation this year despite the strength of the
economy and lower unemployment. We owe this in large part to the Asian
situation and increases in U.S. productivity. For the next few months, we are
less certain about the dollar, relative to European currencies. However, we
forecast the dollar to remain strong against the yen due to the inherent
weakness of the Japanese economy.

GEOGRAPHIC ALLOCATION

[GRAPH]

<TABLE>
<S> <C>
Africa 4.2%
Eastern Europe 8.7%
Asia - Pacific 11.2%
Latin America 20.2%
Europe 22.1%
U.S., Canada & Other 33.6%
</TABLE>

Allocations may change based on current market conditions.

12
<PAGE>
AIM GLOBAL
INCOME FUNDS
(FORMERLY
GT GLOBAL
INCOME FUNDS)

FINANCIAL
STATEMENTS
<PAGE>
AIM GLOBAL HIGH INCOME FUND
(FORMERLY GT GLOBAL HIGH INCOME FUND)
AIM STRATEGIC INCOME FUND
(FORMERLY GT GLOBAL STRATEGIC INCOME FUND)

REPORT OF
INDEPENDENT ACCOUNTANTS

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

To the Board of Directors of AIM Investment Funds, Inc. and the Shareholders of
AIM Global High Income Fund (formerly GT Global High Income Fund) and AIM
Strategic Income Fund (formerly GT Global Strategic Income Fund):

We have audited the accompanying statement of assets and liabilities of AIM
Global High Income Fund-Consolidated and AIM Strategic Income Fund, including
the portfolios 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 the periods indicated herein. These financial
statements and the financial highlights are the responsibility of the Funds'
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
Global High Income Fund-Consolidated and AIM Strategic Income Fund as of April
30, 1998, the results of their operations for the six months then ended, the
changes in their net assets for the six months then ended and for the year ended
October 31, 1997, and the financial highlights for the periods indicated herein,
in conformity with generally accepted accounting principles.

COOPERS & LYBRAND L.L.P.

BOSTON, MASSACHUSETTS
JUNE 15, 1998

F1
<PAGE>
AIM GLOBAL GOVERNMENT INCOME FUND
(FORMERLY GT GLOBAL GOVERNMENT INCOME FUND)

PORTFOLIO OF INVESTMENTS

April 30, 1998 (Unaudited)

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

<TABLE>
<CAPTION>
PRINCIPAL VALUE % OF NET
FIXED INCOME INVESTMENTS CURRENCY AMOUNT (NOTE 1) ASSETS
- ---------------------------------------------------------- -------- -------------- ------------ -------------
<S> <C> <C> <C> <C>
Government & Government Agency Obligations (74.6%)
Australia (1.9%)
Commonwealth of Australia, 7.5% due 9/15/09 .......... AUD 6,100,000 $ 4,517,717 1.9
Canada (2.4%)
Canadian Government, 8% due 6/1/27 ................... CAD 5,920,000 5,509,240 2.4
Denmark (4.2%)
Kingdom of Denmark, 7% due 11/10/24 .................. DKK 56,700,000 9,736,506 4.2
Germany (9.2%)
Deutschland Republic:
6% due 1/5/06 ...................................... DEM 22,050,000 13,124,298 5.6
6.25% due 1/4/24 ................................... DEM 9,500,000 5,828,414 2.5
7.5% due 11/11/04 .................................. DEM 4,100,000 2,620,435 1.1
Italy (8.4%)
Italian Buoni Poliennali del Tesoro (BTPS):
8.5% due 1/1/04 .................................... ITL 14,480,000,000 9,573,466 4.1
7.25% due 11/1/26 .................................. ITL 13,200,000,000 9,093,963 3.9
9% due 11/1/23 ..................................... ITL 1,230,000,000 1,007,229 0.4
South Africa (7.9%)
Republic of South Africa, 12.5% due 1/15/02 .......... ZAR 54,500,000 10,766,244 4.6
Lesotho Highlands Water Authority, 12.5% due
4/15/02 ............................................. ZAR 38,800,000 7,630,219 3.3
Spain (1.8%)
Spanish Government, 7.35% due 3/31/07 ................ ESP 550,000,000 4,179,545 1.8
Sweden (3.6%)
Swedish Government, 8% due 8/15/07 ................... SEK 54,800,000 8,435,397 3.6
United Kingdom (10.6%)
United Kingdom Treasury:
9.5% due 4/18/05 ................................... GBP 6,730,000 13,505,017 5.8
6.75% due 11/26/04 ................................. GBP 6,390,000 11,173,150 4.8
United States (23.3%)
United States Treasury:
6.625% due 5/15/07 ................................. USD 20,800,000 22,059,981 9.5
8% due 11/15/21 .................................... USD 17,000,000 21,146,407 9.1
6.125% due 11/15/27 ................................ USD 5,800,000 5,939,563 2.6
Federal National Mortgage Association, 6.375% due
8/15/07 ............................................. AUD 7,300,000 4,850,335 2.1
Uruguay (1.3%)
Republic of Uruguay, 7.875% due 7/15/27 - 144A{.} .... USD 3,000,000 3,060,000 1.3
------------
Total Government & Government Agency Obligations (cost
$169,806,388) ........................................... 173,757,126
------------
Corporate Bonds (15.8%)
Germany (0.9%)
Kredit Fuer Wiederaufbau International Finance, 7.25%
due 7/16/07 ......................................... AUD 3,100,000 2,161,887 0.9
</TABLE>

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

F2
<PAGE>
AIM GLOBAL GOVERNMENT INCOME FUND
(FORMERLY GT GLOBAL GOVERNMENT INCOME FUND)

PORTFOLIO OF INVESTMENTS (cont'd)

April 30, 1998 (Unaudited)

TOTAL FIXED INCOME INVESTMENTS (cost $238,547,001) ....... 243,306,067 104.5
------------ -----
<CAPTION>

UNDERLYING VALUE % OF NET
OPTIONS CURRENCY AMOUNT (NOTE 1) ASSETS
- ---------------------------------------------------------- -------- -------------- ------------ -------------
<S> <C> <C> <C> <C>
Deutsche Marks Put Option: ............................. USD -- -- --
CURRENCY OPTIONS
Strike 1.82, expires 5/12/98 ......................... 2,550,000 3,680 --
Strike 1.84, expires 5/7/98 .......................... 4,500,000 441 --
------------ -----

TOTAL OPTIONS (cost $26,535) ............................. 4,121 --
------------ -----
</TABLE>

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

F3
<PAGE>
AIM GLOBAL GOVERNMENT INCOME FUND
(FORMERLY GT GLOBAL GOVERNMENT INCOME FUND)

PORTFOLIO OF INVESTMENTS (cont'd)

April 30, 1998 (Unaudited)

- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL VALUE % OF NET
SHORT-TERM INVESTMENTS CURRENCY AMOUNT (NOTE 1) ASSETS
- ---------------------------------------------------------- -------- -------------- ------------ -------------
<S> <C> <C> <C> <C>
Government & Government Agency Obligations (4.7%)
Mexico (4.7%)
Mexican Cetes: ....................................... MXN -- -- 4.7
due 5/7/98 current yield 17.62% .................... 25,000,000 $ 2,941,293 --
due 6/11/98 current yield 17.95% ................... 22,039,910 2,547,366 --
due 11/19/98 current yield 19.52% .................. 23,844,450 2,533,958 --
due 5/28/98 current yield 17.76% ................... 20,900,000 2,433,110 --
due 12/17/98 current yield 19.77% .................. 4,800,000 502,362 --
------------
Total Government & Government Agency Obligations (cost
$11,178,125) ............................................ 10,958,089
------------ -----

TOTAL SHORT-TERM INVESTMENTS (cost $11,178,125) .......... 10,958,089 4.7
------------ -----

TOTAL INVESTMENTS (cost $249,751,661) * ................. 254,268,277 109.2
Other Assets and Liabilities ............................. (21,527,345) (9.2)
------------ -----

NET ASSETS ............................................... $232,740,932 100.0
------------ -----
------------ -----
</TABLE>

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

{.} Security exempt from registration under Rule 144A of the Securities
Act of 1933. These securities may be resold in transactions exempt
from registration, normally to qualified institutional buyers.
{=} Zero coupon bond.
* For Federal income tax purposes, cost is $250,105,125 and
appreciation (depreciation) is as follows:

<TABLE>
<S> <C>
Unrealized appreciation: $ 7,238,966
Unrealized depreciation: (3,075,814)
-------------
Net unrealized appreciation: $ 4,163,152
-------------
-------------
</TABLE>

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

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

F4
<PAGE>
AIM GLOBAL GOVERNMENT INCOME FUND
(FORMERLY GT GLOBAL GOVERNMENT INCOME FUND)

PORTFOLIO OF INVESTMENTS (cont'd)

April 30, 1998 (Unaudited)

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

FORWARD FOREIGN CURRENCY CONTRACTS OUTSTANDING
APRIL 30, 1998
<TABLE>
<CAPTION>
UNREALIZED
MARKET VALUE CONTRACT DELIVERY APPRECIATION
CONTRACTS TO BUY: (U.S. DOLLARS) PRICE DATE (DEPRECIATION)
- ---------------------------------------- -------------- ------------ -------- --------------
<S> <C> <C> <C> <C>
Australian Dollars...................... 12,589,578 1.53713 8/4/98 $ 33,674
Australian Dollars...................... 3,786,006 1.49887 8/4/98 (86,249)
Danish Kroner........................... 5,036,480 6.76600 8/4/98 (32,172)
Deutsche Marks.......................... 12,092,282 1.78974 6/4/98 36,255
Deutsche Marks.......................... 5,102,183 1.78923 8/4/98 13,847
Swedish Kronor.......................... 5,350,910 7.97865 8/4/98 177,804
-------------- --------------
Total Contracts to Buy (Payable amount
$43,814,280)......................... 43,957,439 143,159
-------------- --------------
THE VALUE OF CONTRACTS TO BUY AS
PERCENTAGE OF NET ASSETS IS 18.89%.

CONTRACTS TO SELL:
- ----------------------------------------
<S> <C> <C> <C> <C>
Australian Dollars...................... 18,551,692 1.45560 8/4/98 986,590
Australian Dollars...................... 6,564,845 1.48227 8/4/98 224,732
Australian Dollars...................... 2,127,834 1.48862 8/4/98 63,460
British Pounds.......................... 11,894,754 0.59966 8/4/98 115,301
Canadian Dollars........................ 5,421,805 1.42760 8/4/98 (2,921)
Danish Kroner........................... 8,517,863 6.88800 8/4/98 (97,421)
Danish Kroner........................... 2,294,095 7.00000 8/4/98 (62,524)
Danish Kroner........................... 1,962,046 6.89100 8/4/98 (23,285)
Danish Kroner........................... 1,786,842 6.66600 8/4/98 (19,924)
Deutsche Marks.......................... 6,078,770 1.80780 8/4/98 (78,770)
Deutsche Marks.......................... 5,051,802 1.81740 8/4/98 (91,802)
Deutsche Marks.......................... 4,954,746 1.80800 8/4/98 (64,746)
Deutsche Marks.......................... 4,050,720 1.80700 8/4/98 (50,720)
Deutsche Marks.......................... 1,849,388 1.83600 8/4/98 (52,002)
Deutsche Marks.......................... 213,134 1.81100 8/4/98 (3,134)
Italian Liras........................... 1,980,375 1800.00000 8/4/98 (35,931)
Spanish Pesetas......................... 303,227 153.32000 8/4/98 (3,201)
Swedish Kronor.......................... 7,778,540 8.03548 8/4/98 (311,655)
-------------- --------------
Total Contracts to Sell (Receivable
amount $91,874,525).................. 91,382,478 492,047
-------------- --------------
THE VALUE OF CONTRACTS TO SELL AS
PERCENTAGE OF NET ASSETS IS 39.26%.
Total Open Forward Foreign Currency
Contracts, Net....................... $ 635,206
--------------
--------------
</TABLE>

- ----------------
See Note 1 of Notes to the Financial Statements.

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

F5
<PAGE>
AIM GLOBAL HIGH INCOME FUND -- CONSOLIDATED
(FORMERLY GT GLOBAL HIGH INCOME FUND -- CONSOLIDATED)

PORTFOLIO OF INVESTMENTS

April 30, 1998

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

<TABLE>
<CAPTION>
PRINCIPAL VALUE % OF NET
FIXED INCOME INVESTMENTS CURRENCY AMOUNT (NOTE 1) ASSETS
- ---------------------------------------------------------- -------- -------------- ------------ -------------
<S> <C> <C> <C> <C>
Government & Government Agency Obligations (76.0%)
Algeria (3.0%)
Algeria Tranche 1 Loan Assignment, 6.625% due
9/4/06+ ............................................. USD 9,250,000 $ 7,261,250 2.1
Algeria Tranche 3 Loan Assignment, 1.75% due
3/4/10+ ............................................. JPY 700,000,000 3,293,402 0.9
Argentina (12.9%)
Republic of Argentina:
Global Bond, 9.75% due 9/19/27 ..................... USD 26,462,000 25,515,984 7.2
Global Bond, 11.375% due 1/30/17 ................... USD 11,836,000 13,093,575 3.7
Par Bond Series L, 5.75% (6% at 4/99) due
3/31/23++ ......................................... USD 5,100,000 3,885,563 1.1
Discount Bond, 6.625% due 3/31/23+ ................. USD 3,500,000 3,016,563 0.9
Brazil (15.2%)
Republic of Brazil:
C Bond, 5%, (8% at 4/00) due 4/15/14 (Effective rate
at year end is 8%, including "payment-in-kind"
bonds.)[.] ++ ..................................... USD 54,633,129 45,277,203 12.8
Par Z-L Bond, 5.50%, (5.75% at 4/99) due
4/15/24++ ......................................... USD 6,359,000 4,749,378 1.3
Debt Conversion Bond Series L, 6.6875% due
4/15/12+ ............................................ USD 4,814,000 3,827,130 1.1
Bulgaria (5.1%)
Republic of Bulgaria:
Front Loaded Interest Reduction Bond Series A, 2.25%
(2.5% at 8/98) due 7/28/12++ ...................... USD 18,357,000 12,413,921 3.5
Interest Arrears Bond, 6.625% due 7/28/11 -
Euro+ ............................................. USD 7,000,000 5,534,375 1.6
Croatia (1.8%)
Croatian Government Series A, 6.625% due 7/31/10+ .... USD 7,200,000 6,466,500 1.8
Ecuador (2.6%)
Ecuador, Past Due Interest Bond, 6.625% due
2/27/15+ ............................................ USD 14,606,019 9,384,367 2.6
Ivory Coast (1.0%)
Ivory Coast Past Due Interest Bond, 1.9% due
3/29/18 ............................................. FRF 55,000,000 3,683,444 1.0
Jordan (1.0%)
Kingdom of Jordan, 5% (5.5% at 12/98) due
12/23/23++ .......................................... USD 4,750,000 3,467,500 1.0
Korea (4.1%)
Republic of Korea, 8.875% due 4/15/08 ................ USD 12,600,000 12,424,230 3.5
Korea Electric Power, 7% due 2/1/27 .................. USD 2,510,000 2,154,200 0.6
Mexico (3.2%)
United Mexican States:
Global Bond, 11.375% due 9/15/16{./} ............... USD 5,859,000 6,885,790 1.9
Global Bond, 11.5 due 5/15/26 ...................... USD 3,826,000 4,619,895 1.3
Panama (1.7%)
Republic of Panama:
Interest Reduction Bond, 3.75% (4% at 7/98) due
7/17/14++ ......................................... USD 4,704,000 3,695,580 1.0
8.875% due 9/30/27 ................................. USD 2,689,000 2,633,876 0.7
Peru (1.6%)
Republic of Peru, Past Due Interest Bond, 4% (4.5% at
7/98) due 3/7/17++ .................................. USD 8,107,000 5,527,961 1.6
</TABLE>

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

F6
<PAGE>
AIM GLOBAL HIGH INCOME FUND -- CONSOLIDATED
(FORMERLY GT GLOBAL HIGH INCOME FUND -- CONSOLIDATED)

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>
Government & Government Agency Obligations (Continued)
Philippines (1.6%)
Republic of Philippines, 8.875% due 4/15/08 -
144A{.} ............................................. USD 3,650,000 $ 3,610,215 1.0
Bangko Sentral Pilipinas, 8.6% due 6/15/27 ........... USD 2,416,000 2,202,099 0.6
Russia (16.6%)
Bank for Foreign Economic Affairs (Vnesheconombank)
Principal Loans, 6.72% due 12/15/20+ ................ USD 59,184,372 37,578,135 10.6
Bank for Foreign Economic Affairs (Vnesheconombank)
Interest Notes, 6.72% due 12/15/15+ ................. USD 29,559,031 21,319,451 6.0
Venezuela (4.6%)
Republic of Venezuela, 9.25% due 9/15/27{./} ......... USD 18,355,000 16,257,941 4.6
------------
Total Government & Government Agency Obligations (cost
$252,885,532) ........................................... 269,779,528
------------
Corporate Bonds (18.5%)
Argentina (1.2%)
Mastellone Hermanos S.A., 11.75% due 4/1/08 -
144A{.} ............................................. USD 1,943,000 2,006,148 0.6
Telefonica de Argentina, 9.125% due 5/7/08 -
144A{.} ............................................. USD 1,983,000 1,992,241 0.6
Brazil (3.8%)
Banco Do Brasil (Cayman), 9.375% due 6/15/07 ......... USD 5,816,000 5,728,760 1.6
Banco Hipotecario Espana, 10% due 4/17/03 -
144A{.} ............................................. USD 3,679,000 3,720,389 1.1
Comtel Brasileira Ltd. "A", 10.75% due 9/26/04 -
144A{.} ............................................. USD 2,328,000 2,386,200 0.7
RBS Participacoes S.A., 11% due 4/1/07 - 144A{.} ..... USD 1,378,000 1,384,890 0.4
China (0.7%)
Greater Beijing First, 9.5% due 6/15/07 - 144A{.} .... USD 3,210,000 2,557,889 0.7
Hong Kong (1.1%)
GS Superhighway Holdings, 9.875% due 8/15/04 -
144A{.} ............................................. USD 2,434,000 2,056,730 0.6
Road King Infrastructure, 9.5% due 7/15/07 -
144A{.} ............................................. USD 2,100,000 1,715,280 0.5
Indonesia (0.3%)
Polysindo International Finance, 8.750% due
4/22/99(::) ......................................... IDR 27,500,000,000 1,037,736 0.3
Jamaica (1.0%)
Mechala Group Jamaica:
12.75% due 12/30/99 - Series B ..................... USD 2,846,000 2,618,320 0.7
12.75% due 12/30/99 - Reg S{c} ..................... USD 1,288,000 1,184,960 0.3
Korea (2.5%)
Pohang Iron & Steel Co., Ltd.:
8.26% due 2/19/99 .................................. USD 5,000,000 4,961,455 1.4
2% due 10/9/00 ..................................... JPY 224,000,000 1,506,764 0.4
L.G.-Caltex Oil Corp., 12.75% due 3/31/01 -
144A{.} ............................................. USD 2,112,000 2,148,960 0.6
Korea Development Bank, 4.35% due 5/25/99 ............ JPY 60,300,000 432,960 0.1
Malaysia (1.9%)
Petroliam Nasional Bhd.:
7.125% due 8/15/05 - 144A{.} ....................... USD 3,547,000 3,143,529 0.9
7.625% due 10/15/26 - 144A{.} ...................... USD 1,469,000 1,283,172 0.4
</TABLE>

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

F7
<PAGE>
AIM GLOBAL HIGH INCOME FUND -- CONSOLIDATED
(FORMERLY GT GLOBAL HIGH INCOME FUND -- CONSOLIDATED)

PORTFOLIO OF INVESTMENTS (cont'd)

April 30, 1998

TOTAL FIXED INCOME INVESTMENTS (cost $332,398,702) ....... 340,030,242 95.9
------------ -----
<CAPTION>

PRINCIPAL VALUE % OF NET
SHORT-TERM INVESTMENTS CURRENCY AMOUNT (NOTE 1) ASSETS
- ---------------------------------------------------------- -------- -------------- ------------ -------------
<S> <C> <C> <C> <C>
Structured Notes (3.7%)
Indonesia (1.1%)
Indonesia Credit Linked Unsecured Note due 5/27/98
(Issued by Salomon Smith Barney Holdings, Inc. This
note has a credit risk component linked to the
value of referenced securities issued by the Bank
of Indonesia and the Republic of Indonesia.) ..... USD 3,985,151 3,938,126 1.1
Korea (2.6%)
Korean Credit Linked Unsecured Note due 4/27/99[::]
(Issued by Salomon Smith Barney Holdings, Inc. This
note has a currency and credit risk component
linked to the value of referenced securities issued
by the Korean Development Bank.) ................. USD 10,937,647 9,375,751 2.6
------------
Total Structured Notes (cost $13,133,663) ................ 13,313,877
------------ -----

TOTAL SHORT-TERM INVESTMENTS (cost $13,133,663) .......... 13,313,877 3.7
------------ -----
</TABLE>

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

F8
<PAGE>
AIM GLOBAL HIGH INCOME FUND -- CONSOLIDATED
(FORMERLY GT GLOBAL HIGH INCOME FUND -- CONSOLIDATED)

PORTFOLIO OF INVESTMENTS (cont'd)

April 30, 1998

- --------------------------------------------------------------------------------
<TABLE>
<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 $7,815,000 U.S. Treasury Bills,
6.125% due 8/31/98 (market value of collateral is
$7,912,688, including accrued interest). (cost
$7,757,000) .......................................... $ 7,757,000 2.2
------------ -----

TOTAL INVESTMENTS (cost $353,289,365) * ................. 361,101,119 101.8
Other Assets and Liabilities ............................. (6,411,126) (1.8)
------------ -----

NET ASSETS ............................................... $354,689,993 100.0
------------ -----
------------ -----
</TABLE>

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

{.} Security exempt from registration under Rule 144A of the Securities
Act of 1933. These securities may be resold in transactions exempt
from registration, normally to qualified institutional buyers.
(::) Valued in good faith at fair value using procedures approved by the
Board of Directors (See Note 1 of Notes to Financial Statements).
{c} Security issued under Regulation S. Rule 144A and additional
restrictions may apply in the resale of such securities.
+ The coupon rate shown on floating rate note represents the rate at
period end.
++ The coupon rate shown on step-up coupon bond represents the rate at
period end.
[.] Bond pays stated or additional interest with "payment-in-kind"
(PIK) bonds.
{./} All or part of the Fund's holdings in this security is segregated
as collateral for derivative instruments. (See Note 1 of Notes to
Financial Statements.)
[::] Certain events may cause the contract to terminate prior to date
shown.
* For Federal income tax purposes, cost is $353,438,753 and
appreciation (depreciation) is as follows:

<TABLE>
<S> <C>
Unrealized appreciation: $ 19,507,848
Unrealized depreciation: (11,845,482)
-------------
Net unrealized appreciation: $ 7,662,366
-------------
-------------
</TABLE>

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

SWAP CONTRACT
APRIL 30, 1998

<TABLE>
<CAPTION>
TERMINATION NOTIONAL
DESCRIPTION DATE CURRENCY AMOUNT VALUE
- ---------------------------------------- -------------- ------------- --------------- -----------
<S> <C> <C> <C> <C>
Mexico Credit Default Swap with
semiannual payments (fixed rate payment
1.72%)................................. 3/31/2000[::] USD $ 12,330,000 $ (58,987)
Contract counterparty is J.P. Morgan
Securities, Inc. The contract value
is related to the credit quality of a
referenced security: United Mexican
States 11.5% Global Bond due May 15,
2026.
</TABLE>

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

[::] Certain events may cause the contract to terminate prior to date
shown.

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

FORWARD FOREIGN CURRENCY CONTRACTS OUTSTANDING
APRIL 30, 1998

<TABLE>
<CAPTION>
UNREALIZED
MARKET VALUE CONTRACT DELIVERY APPRECIATION
CONTRACTS TO SELL: (U.S. DOLLARS) PRICE DATE (DEPRECIATION)
- ---------------------------------------- -------------- ----------- -------- --------------
<S> <C> <C> <C> <C>
French Francs........................... 3,932,754 6.05000 10/15/98 $(62,400)
Japanese Yen............................ 1,464,502 122.90000 7/31/98 91,202
Japanese Yen............................ 440,309 121.90000 7/31/98 31,257
-------------- --------------
Total Contracts to Sell (Receivable
amount $5,897,624)................... 5,837,565 60,059
-------------- --------------
THE VALUE OF CONTRACTS TO SELL AS
PERCENTAGE OF NET ASSETS IS 1.65%.
Total Open Forward Foreign Currency
Contracts............................ $ 60,059
--------------
--------------
</TABLE>

- ----------------
See Note 1 of Notes to the Financial Statements.

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

F9
<PAGE>
AIM STRATEGIC INCOME FUND
(FORMERLY GT GLOBAL STRATEGIC INCOME FUND)

PORTFOLIO OF INVESTMENTS

April 30, 1998

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

<TABLE>
<CAPTION>
PRINCIPAL VALUE % OF NET
FIXED INCOME INVESTMENTS CURRENCY AMOUNT (NOTE 1) ASSETS
- ---------------------------------------------------------- -------- -------------- ------------ -------------
<S> <C> <C> <C> <C>
Government & Government Agency Obligations (65.4%)
Algeria (1.3%)
Algeria Tranche 1 Loan Assignment, 6.625% due
9/4/06+ ............................................. USD 5,500,000 $ 4,317,500 1.1
Algeria Tranche 3 Loan Assignment, 1.75% due
3/4/10+ ............................................. JPY 150,000,000 705,729 0.2
Argentina (4.3%)
Republic of Argentina:
Global Bond, 11.375% due 1/30/17 ................... USD 7,575,000 8,379,844 2.2
Global Bond, 9.75% due 9/19/27 ..................... USD 5,192,000 5,006,386 1.3
Par Bond Series L, 5.75% (6% at 4/99) due
3/31/23++ ......................................... USD 2,500,000 1,904,688 0.5
Discount Bond, 6.625% due 3/31/23+ ................. USD 1,445,000 1,245,409 0.3
Australia (2.4%)
Commonwealth of Australia, 7.5% due 9/15/09 .......... AUD 12,290,000 9,102,089 2.4
Brazil (6.1%)
Republic of Brazil:
C Bond, 5% (8% at 4/00) due 4/15/14 (Effective rate
at year end is 8%, including "payment-in-kind"
bonds.)[.] ++ ..................................... USD 22,694,868 18,808,372 4.9
Par Z-L Bond, 5.5% (5.75% at 4/99) due 4/15/24++ ... USD 3,861,000 2,883,684 0.7
Debt Conversion Bond Series L, 6.6875% due
4/15/12+ .......................................... USD 2,562,000 2,036,790 0.5
Bulgaria (1.6%)
Republic of Bulgaria:
Front Loaded Interest Reduction Bond Series A, 2.25%
(2.5% at 7/98)due 7/28/12++ ....................... USD 7,396,000 5,001,545 1.3
Interest Arrears Bond, 6.625% due 7/28/11+ ......... USD 1,586,000 1,253,931 0.3
Canada (1.0%)
Canadian Government, 8% due 6/1/27 ................... CAD 4,230,000 3,936,501 1.0
Croatia (0.9%)
Croatian Government Series A, 6.625% due 7/31/10+ .... USD 3,700,000 3,323,063 0.9
Denmark (1.7%)
Kingdom of Denmark, 7% due 11/10/24 .................. DKK 39,300,000 6,748,583 1.7
Ecuador (0.8%)
Ecuador, Past Due Interest Bond, 6.625% due
2/27/15+ ............................................ USD 4,733,298 3,041,144 0.8
Germany (7.5%)
Deutschland Republic:
6% due 1/5/06 ...................................... DEM 35,500,000 21,120,150 5.5
6.25% due 1/4/24 ................................... DEM 12,700,000 7,791,669 2.0
Italy (2.5%)
Italian Government, 7.25% due 11/1/26 ................ ITL 11,000,000,000 7,578,302 2.0
Italian Buoni Poliennali Del Tesoro (BTPS), 8.5% due
1/1/04 .............................................. ITL 2,730,000,000 1,804,942 0.5
Ivory Coast (0.2%)
Ivory Coast Past Due Interest Bond, 1.9% due
3/29/18 ............................................. FRF 12,000,000 803,661 0.2
Jordan (0.6%)
Kingdom of Jordan, 5% (5.5% at 12/98) due
12/23/23++ .......................................... USD 3,250,000 2,372,500 0.6
Korea (1.8%)
Republic of Korea, 8.875% due 4/15/08 ................ USD 4,570,000 4,506,249 1.2
</TABLE>

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

F10
<PAGE>
AIM STRATEGIC INCOME FUND
(FORMERLY GT GLOBAL STRATEGIC INCOME 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>
Government & Government Agency Obligations (Continued)
Korea Electric Power, 7% due 2/1/27 .................. USD 2,540,000 $ 2,179,947 0.6
Netherlands (0.8%)
Netherlands Government Bond, 5.5% due 1/15/28 ........ NLG 6,000,000 2,934,641 0.8
New Zealand (1.8%)
New Zealand Government, 8% due 4/15/04 ............... NZD 12,000,000 6,930,003 1.8
Panama (0.9%)
Republic of Panama:
Interest Reduction Bond, 3.75% (4% at 7/98) due
7/17/14++ ......................................... USD 2,917,000 2,291,668 0.6
8.875% due 9/30/27 ................................. USD 1,373,000 1,344,854 0.3
Peru (0.8%)
Republic of Peru, Past Due Interest Bond, 4% (4.5% at
7/98) due 3/7/17++ .................................. USD 4,776,000 3,256,635 0.8
Philippines (0.5%)
Republic of Philippines, 8.875% due 4/15/08 -
144A{.} ............................................. USD 1,330,000 1,315,503 0.3
Bangko Sentral Pilipinas, 8.6% due 6/15/27 ........... USD 933,000 850,397 0.2
Russia (5.5%)
Bank for Foreign Economic Affairs (Venesheconombank)
Principal Loans, 6.72%due 12/15/20+ ................. USD 23,161,492 14,707,547 3.8
Bank for Foreign Economic Affairs (Venesheconombank)
Interest Notes, 6.72% due 12/15/15+ ................. USD 8,905,352 6,422,985 1.7
South Africa (2.6%)
Republic of South Africa, 12.5% due 1/15/02 .......... ZAR 51,800,000 10,232,871 2.6
Sweden (0.7%)
Swedish Government, 8% due 8/15/07 ................... SEK 19,000,000 2,924,681 0.7
United Kingdom (7.6%)
United Kingdom Conversion, 9.5% due 4/18/05 .......... GBP 7,400,000 14,849,498 3.8
United Kingdom Treasury, 7.5% due 12/7/06 ............ GBP 8,000,000 14,820,241 3.8
United States (9.9%)
United States Treasury:
6.875% due 8/15/25{./} ............................. USD 14,500,000 16,127,851 4.2
6.50% due 10/15/06{./} ............................. USD 13,170,000 13,808,179 3.6
6.625% due 5/15/07 ................................. USD 3,900,000 4,136,895 1.1
Federal National Mortgage Association, 7.25% due
6/20/02 ............................................. NZD 7,000,000 3,804,876 1.0
Venezuela (1.6%)
Republic of Venezuela, 9.25% due 9/15/27 ............. USD 6,989,000 6,190,507 1.6
------------
Total Government & Government Agency Obligations (cost
$246,787,697) ........................................... 252,802,510
------------
Corporate Bonds (18.7%)
Argentina (0.2%)
Mastellone Hermanos S.A., 11.75% due 4/1/08 -
144A{.} ............................................. USD 745,000 769,213 0.2
Brazil (0.9%)
Banco Hipotecario Espana, 10% due 4/17/03 -
144A{.} ............................................. USD 1,675,000 1,693,844 0.4
</TABLE>

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

F11
<PAGE>
AIM STRATEGIC INCOME FUND
(FORMERLY GT GLOBAL STRATEGIC INCOME 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 (Continued)
Comtel Brasileira Ltd. "A", 10.75% due 9/26/04 -
144A{.} ............................................. USD 1,171,000 1,200,275 0.3
RBS Participacoes S.A., 11% due 4/1/07 - 144A{.} ..... USD 813,000 $ 817,065 0.2
Canada (0.2%)
Trench Electric & Trench, Inc., 10.25% due 12/15/07 -
144A{.} ............................................. USD 875,000 881,563 0.2
China (0.4%)
Greater Beijing First, 9.5% due 6/15/07 - 144A{.} .... USD 1,720,000 1,370,582 0.4
Hong Kong (0.5%)
GS Superhighway Holdings, 9.875% due 8/15/04 -
144A{.} ............................................. USD 1,210,000 1,022,450 0.3
Road King Infrastructure, 9.5% due 7/15/07 -
144A{.} ............................................. USD 1,100,000 898,480 0.2
Jamaica (0.2%)
Mechala Group Jamaica, 12.75% due 12/30/99 - Reg
S{c} ................................................ USD 719,000 661,480 0.2
Korea (0.6%)
L.G.-Caltex Oil Corp., 12.75% due 3/31/01 -
144A{.} ............................................. USD 902,000 917,785 0.3
Pohang Iron & Steel, 2% due 10/9/00 .................. JPY 119,000,000 800,469 0.2
Korea Development Bank, 4.35% due 5/25/99 ............ JPY 32,000,000 229,763 0.1
Malaysia (0.7%)
Petroliam Nasional Bhd.:
7.125% due 8/15/05 - 144A{.} ....................... USD 1,908,000 1,690,965 0.4
7.875% due 6/15/04 - 144A{.} ....................... USD 933,000 880,897 0.2
Petroliam Nasional Bhd., 7.625% due 10/15/26 -
144A{.} ............................................. USD 575,000 502,263 0.1
Mexico (2.8%)
Petroleos Mexicanos:
9.25% due 3/30/18 - 144A{.} ........................ USD 8,010,000 7,829,775 2.0
9.5% due 9/15/27 - 144A{.} ......................... USD 2,028,000 2,033,070 0.5
Monterrey Power, S.A. de C.V., 9.625% due 11/15/09 -
144A{.} ............................................. USD 1,245,000 1,257,450 0.3
Russia (0.7%)
Lukinter Finance BV Convertible, 3.5% due 5/6/02 -
144A{.} ............................................. USD 1,526,000 1,838,830 0.5
Mosenergo Finance BV, 8.375% due 10/9/02 - 144A{.} ... USD 1,040,000 920,400 0.2
Singapore (0.2%)
Krung Thai Bank (Singapore), 6.73% due 9/30/04 ....... USD 1,000,000 852,500 0.2
United States (11.3%)
Chase Manhattan Corp., 6.25% due 1/15/06 ............. USD 2,835,000 2,800,674 0.7
General Motors Acceptance Corp., 6.625% due
10/15/05 ............................................ USD 2,700,000 2,743,411 0.7
Engle Homes, Inc., 9.25% due 2/1/08 .................. USD 2,350,000 2,376,320 0.6
Unisys Corp., 7.875% due 4/1/08 ...................... USD 2,350,000 2,355,875 0.6
United Stationers Supply, 8.375% due 4/15/08 -
144A{.} ............................................. USD 2,000,000 2,015,000 0.5
Globalstar LP Capital, 11.375% due 2/15/04 ........... USD 1,900,000 1,957,000 0.5
Lenfest Communications, 8.25% due 2/15/08 -
144A{.} ............................................. USD 1,850,000 1,884,040 0.5
Hollywood Casino Corp., 12.75% due 11/1/03 ........... USD 1,700,000 1,878,500 0.5
Eagle Family Foods, 8.75% due 1/15/08 - 144A{.} ...... USD 1,875,000 1,856,250 0.5
Riddell Sports, Inc., 10.5% due 7/15/07 .............. USD 1,700,000 1,768,000 0.5
Accuride Corp., 9.25% due 2/1/08 - 144A{.} ........... USD 1,725,000 1,725,000 0.5
Graham Packaging/GPC Capital, 8.75% due 1/15/08 -
144A{.} ............................................. USD 1,725,000 1,725,000 0.5
</TABLE>

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

F12
<PAGE>
AIM STRATEGIC INCOME FUND
(FORMERLY GT GLOBAL STRATEGIC INCOME 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 (Continued)
Smithfield Foods, Inc., 7.625% due 2/15/08 -
144A{.} ............................................. USD 1,725,000 1,712,063 0.5
Trump Atlantic Association Funding, Inc., 11.25% due
5/1/06 .............................................. USD 1,700,000 $ 1,702,125 0.4
ACME Metal, Inc., 10.875% due 12/15/07 - 144A{.} ..... USD 1,500,000 1,517,580 0.4
Lin Television Corp., 8.375% due 3/1/08 - 144A{.} .... USD 1,500,000 1,492,668 0.4
Drypers Corp. Series B, 10.25% due 6/15/07 ........... USD 1,300,000 1,339,000 0.4
Chancellor Media Corp., 8.125% due 12/15/07 -
144A{.} ............................................. USD 1,300,000 1,303,250 0.4
BTI Telecommunications Corp., 10.5% due 9/15/07 -
144A{.} ............................................. USD 885,000 931,463 0.3
Penn National Gaming, Inc., 10.625% due 12/15/04 -
144A{.} ............................................. USD 875,000 918,750 0.2
Norampac, Inc., 9.5% due 2/1/08 - 144A{.} ............ USD 885,000 915,975 0.2
Hard Rock Hotel, Inc., 9.25% due 4/1/05 - 144A{.} .... USD 880,000 900,350 0.2
Revlon Consumer Products, 8.625% due 2/2/08 -
144A{.} ............................................. USD 885,000 887,213 0.2
Duane Reade, Inc., 9.25% due 2/15/08 ................. USD 885,000 884,706 0.2
Allbritton Communication, 8.875% due 2/1/08 -
144A{.} ............................................. USD 885,000 880,575 0.2
Anker Coal Group, Inc., 9.75% due 10/1/07 -
144A{.} ............................................. USD 875,000 855,313 0.2
Syratech Corp., 11% due 4/15/07 ...................... USD 880,000 756,800 0.2
Delco Remy International, Inc., 8.625% due
12/15/07 ............................................ USD 650,000 659,484 0.2
Pillowtex Corp., 9% due 12/15/07 - 144A{.} ........... USD 435,000 453,488 0.1
------------
Total Corporate Bonds (cost $72,365,567) ................. 72,264,992
------------
Mortgage Backed (10.4%)
Denmark (1.1%)
Realkredit Danmark, 6% due 10/1/26 ................... DKK 29,317,000 4,210,612 1.1
United States (9.3%)
Government National Mortgage Association:
TBA Pass Thru Pool, 6.5% due 5/15/28{*} ............ USD 14,000,000 13,877,500 3.6
TBA Pass Thru Pool, 6% due 5/15/28{*} .............. USD 14,000,000 13,562,500 3.5
Federal National Mortgage Association Pool #313439, 7%
due 3/1/04 .......................................... USD 8,313,847 8,451,549 2.2
------------
Total Mortgage Backed (cost $39,883,101) ................. 40,102,161
------------
Structured Notes (0.5%)
Korea (0.5%)
Fixed Rate Trust Certificate 13.55% due 2/15/02[::]
(Issued by a newly created Delaware Business Trust,
collateralized by triple A paper. This trust
certificate has a credit risk component linked to
the value of a referenced security: Korean
Development Bank 1.875% 2002.)
(cost $1,930,000) ................................ USD 1,930,000 1,920,350 0.5
------------ -----

TOTAL FIXED INCOME INVESTMENTS (cost $360,966,365) ....... 367,090,013 95.0
------------ -----
</TABLE>

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

F13
<PAGE>
AIM STRATEGIC INCOME FUND
(FORMERLY GT GLOBAL STRATEGIC INCOME FUND)

PORTFOLIO OF INVESTMENTS (cont'd)

April 30, 1998

- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
UNDERLYING VALUE % OF NET
OPTIONS CURRENCY AMOUNT (NOTE 1) ASSETS
- ---------------------------------------------------------- -------- -------------- ------------ -------------
<S> <C> <C> <C> <C>
Deutsche Marks Put Option: ............................. USD -- -- --
CURRENCY OPTIONS
Strike 1.82, expires 5/12/98 ......................... 2,320,000 3,348 --
Strike 1.84, expires 5/7/98 .......................... 4,100,000 402 --
------------ -----

TOTAL OPTIONS (cost $24,164) ............................. 3,750 --
------------ -----
<CAPTION>

PRINCIPAL VALUE % OF NET
SHORT-TERM INVESTMENTS CURRENCY AMOUNT (NOTE 1) ASSETS
- ---------------------------------------------------------- -------- -------------- ------------ -------------
<S> <C> <C> <C> <C>
Commercial Paper - Discounted (7.2%)
United States (7.2%)
Ford Motor Credit Corp., effective yield 5.69%, due
5/20/98{./} ......................................... USD 14,000,000 $ 13,959,361 3.6
General Electric Co., effective yield 5.69%, due
5/20/98{./} ......................................... USD 14,000,000 13,959,361 3.6
------------
Total Commercial Paper - Discounted (cost $27,918,722) ... 27,918,722
------------
Government & Government Agency Obligations (1.5%)
Mexico (1.5%)
Mexican Cetes: ....................................... MXN -- -- 1.5
current yield 19.77% due 12/17/98 .................. 29,250,000 3,061,270 --
current yield 19.52% due 11/19/98 .................. 23,350,000 2,481,413 --
------------
Total Government & Government Agency Obligations (cost
$5,517,534) ............................................. 5,542,683
------------
Structured Notes (1.3%)
Indonesia (0.4%)
Indonesia Credit Linked Unsecured Note due 5/27/98
(Issued by Salomon Smith Barney Holdings, Inc. This
note has a credit risk component linked to the
value of referenced securities issued by the Bank
of Indonesia and the Republic of
Indonesia.) ...................................... USD 1,600,000 1,581,120 0.4
</TABLE>

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

F14
<PAGE>
AIM STRATEGIC INCOME FUND
(FORMERLY GT GLOBAL STRATEGIC INCOME FUND)

PORTFOLIO OF INVESTMENTS (cont'd)

April 30, 1998

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

<TABLE>
<CAPTION>
PRINCIPAL VALUE % OF NET
SHORT-TERM INVESTMENTS CURRENCY AMOUNT (NOTE 1) ASSETS
- ---------------------------------------------------------- -------- -------------- ------------ -------------
<S> <C> <C> <C> <C>
Structured Notes (Continued)
Korea (0.9%)
Korean Credit Linked Unsecured Note due 4/27/99[::]
(Issued by Salomon Smith Barney Holdings, Inc. This
note has a currency and credit risk component
linked to the value of referenced securities issued
by the Korean Development Bank.) ................. USD 4,055,000 3,475,946 0.9
------------
Total Structured Notes (cost $4,989,984) ................. 5,057,066
------------ -----

TOTAL SHORT-TERM INVESTMENTS (cost $38,426,240) .......... 38,518,471 10.0
------------ -----

TOTAL INVESTMENTS (cost $399,416,769) * ................. 405,612,234 105.0
Other Assets and Liabilities ............................. (19,242,576) (5.0)
------------ -----

NET ASSETS ............................................... $386,369,658 100.0
------------ -----
------------ -----
</TABLE>

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

{.} Security exempt from registration under Rule 144A of the Securities
Act of 1933. These securities may be resold in transactions exempt
from registration, normally to qualified institutional buyers.
{c} Security issued under Regulation S. Rule 144A and additional
restrictions may apply in the resale of such securities.
+ The coupon rate shown on floating rate note represents the rate at
period end.
++ The coupon rate shown on step-up coupon bond represents the rate at
period end.
[.] Bond pays stated or additional interest with "payment-in-kind"
(PIK) bonds.
{./} All or part of the Fund's holdings in this security is segregated
as collateral for derivative instruments. (See Note 1 of Notes to
the Financial Statements.)
{*} Purchased on a forward commitment basis.
[::] Certain events may cause the contract to terminate prior to date
shown.
* For Federal income tax purposes, cost is $400,141,188 and
appreciation (depreciation) is as follows:

<TABLE>
<S> <C>
Unrealized appreciation: $ 11,468,208
Unrealized depreciation: (5,997,162)
-------------
Net unrealized appreciation: $ 5,471,046
-------------
-------------
</TABLE>

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

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

F15
<PAGE>
AIM STRATEGIC INCOME FUND
(FORMERLY GT GLOBAL STRATEGIC INCOME FUND)

PORTFOLIO OF INVESTMENTS (cont'd)

April 30, 1998

- --------------------------------------------------------------------------------
SWAP CONTRACT
APRIL 30, 1998

<TABLE>
<CAPTION>
TERMINATION NOTIONAL
DESCRIPTION DATE CURRENCY AMOUNT VALUE
- ---------------------------------------- -------------- ------------- -------------- -----------
<S> <C> <C> <C> <C>
Mexico Credit Default Swap with
semiannual payments (fixed rate payment
1.72%)................................. 3/31/2000[::] USD $ 4,730,000 $ (22,628)
Contract counterparty is J.P. Morgan
Securities, Inc. The contract value
is related to the credit quality of a
referenced security: United Mexican
States 11.5% Global Bond due May 15,
2026.
</TABLE>

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

[::] Certain events may cause the contract to terminate prior to date
shown.

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

FORWARD FOREIGN CURRENCY CONTRACTS OUTSTANDING
APRIL 30, 1998
<TABLE>
<CAPTION>
UNREALIZED
MARKET VALUE CONTRACT DELIVERY APPRECIATION
CONTRACTS TO BUY: (U.S. DOLLARS) PRICE DATE (DEPRECIATION)
- ---------------------------------------- -------------- ----------- -------- --------------
<S> <C> <C> <C> <C>
Australian Dollars...................... 2,139,576 1.59713 8/4/98 $ 5,723
Canadian Dollars........................ 5,121,354 1.41700 5/4/98 (45,901)
Canadian Dollars........................ 2,222,844 1.43000 5/4/98 466
Deutsche Marks.......................... 10,808,436 1.78974 8/4/98 32,406
Deutsche Marks.......................... 965,153 1.78923 8/4/98 2,619
-------------- --------------
Total Contracts to Buy (Payable amount
$21,262,050)......................... 21,257,363 (4,687)
-------------- --------------
THE VALUE OF CONTRACTS TO BUY AS
PERCENTAGE OF NET ASSETS IS 5.50%.

CONTRACTS TO SELL:
- ----------------------------------------
<S> <C> <C> <C> <C>
Australian Dollars...................... 9,132,337 1.45560 8/4/98 485,663
Australian Dollars...................... 1,696,005 1.48862 8/4/98 50,581
British Pounds.......................... 10,672,577 0.59956 8/4/98 103,454
Canadian Dollars........................ 5,245,856 1.45170 5/4/98 (79,499)
Canadian Dollars........................ 2,098,342 1.43700 5/4/98 (10,660)
Canadian Dollars........................ 2,227,314 1.42760 8/4/98 (1,200)
Danish Kroner........................... 1,679,928 7.00000 8/4/98 (45,785)
Deutsche Marks.......................... 11,068,307 1.80715 8/4/98 (139,497)
Deutsche Marks.......................... 3,306,482 1.83600 8/4/98 (92,974)
French Francs........................... 858,055 6.05000 10/15/98 (13,615)
Japanese Yen............................ 779,174 122.90000 7/31/98 48,523
Japanese Yen............................ 233,666 121.89988 7/31/98 16,588
New Zealand Dollars..................... 10,961,561 1.81159 8/4/98 (31,961)
-------------- --------------
Total Contracts to Sell (Receivable
amount $60,249,222).................. 59,959,604 289,618
-------------- --------------
THE VALUE OF CONTRACTS TO SELL AS
PERCENTAGE OF NET ASSETS IS 15.52%.
Total Open Forward Foreign Currency
Contracts, Net....................... $284,931
--------------
--------------
</TABLE>

- ----------------
See Note 1 to the financial statements.

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

F16
<PAGE>
AIM GLOBAL INCOME FUNDS
(FORMERLY GT GLOBAL INCOME FUNDS)

STATEMENTS OF ASSETS
AND LIABILITIES
April 30, 1998

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

<TABLE>
<CAPTION>
AIM
-------------------------------------------
GLOBAL
GOVERNMENT GLOBAL HIGH
INCOME INCOME FUND- STRATEGIC
FUND CONSOLIDATED INCOME
(UNAUDITED) (NOTE 1) FUND
------------- ------------- -------------
<S> <C> <C> <C>
Assets:
Investments in securities, at value
(cost $249,751,661; $353,289,365; and
$399,416,769, respectively) (Note
1)................................... $ 254,268,277 $361,101,119 $ 405,612,234
U.S. currency......................... 387 598 812,050
Foreign currencies.................... 4,288,644 4,140 4,446,776
Interest receivable................... 6,347,624 5,445,023 6,216,285
Receivable for forward foreign
currency contracts -- closed (Note
1)................................... 211,857 -- 597,961
Receivable for Fund shares sold....... 1,302,028 2,282,498 1,032,304
Receivable for open forward foreign
currency contracts, net (Note 1)..... 635,206 60,059 284,931
Receivable for securities sold........ 3,909,049 33,894,448 23,058,652
------------- ------------- -------------
Total assets........................ 270,963,072 402,787,885 442,061,193
------------- ------------- -------------
Liabilities:
Payable for custodian fees............ 49,193 30,200 81,705
Payable for Directors' and Trustees'
fees and expenses (Note 2)........... 2,577 3,975 302
Payable for fund accounting fees (Note
2)................................... 5,186 7,573 8,223
Payable for Fund shares repurchased
(Note 2)............................. 4,399,466 1,541,198 2,846,926
Payable for investment management and
administration fees (Note 2)......... 147,478 273,226 259,083
Payable for loan outstanding (Note
1)................................... 21,178,000 -- 1,000,000
Payable for printing and postage
expenses............................. 97,549 68,350 81,902
Payable for professional fees......... 25,749 42,925 24,286
Payable for registration and filing
fees................................. 13,802 10,318 4,916
Payable for securities purchased...... 11,988,950 45,736,627 50,989,400
Payable for service and distribution
expenses (Note 2).................... 126,880 222,467 251,157
Payable for transfer agent fees (Note
2)................................... 143,845 72,177 108,413
Swap contracts outstanding............ -- 58,987 22,628
Other accrued expenses................ 43,465 29,769 12,594
------------- ------------- -------------
Total liabilities................... 38,222,140 48,097,792 55,691,535
Minority interest (Notes 1 & 2)..... -- 100 --
------------- ------------- -------------
Net assets.............................. $ 232,740,932 $354,689,993 $ 386,369,658
------------- ------------- -------------
------------- ------------- -------------
Class A:
Net asset value and redemption price
per share ($130,245,759 DIVIDED BY
14,942,768; $130,645,479 DIVIDED BY
9,958,093; and $131,367,400 DIVIDED
BY 10,690,444 shares outstanding,
respectively)........................ $ 8.72 $ 13.12 $ 12.29
------------- ------------- -------------
------------- ------------- -------------
Maximum offering price per share
(100/95.25 of $8.72; 100/95.25 of
$13.12; and 100/95.25 of $12.29,
respectively) *...................... $ 9.15 $ 13.77 $ 12.90
------------- ------------- -------------
------------- ------------- -------------
Class B:+
Net asset value and offering price per
share ($102,299,230 DIVIDED BY
11,735,659; $221,039,186 DIVIDED BY
16,866,817; and $254,225,104 DIVIDED
BY 20,671,013 shares outstanding,
respectively)........................ $ 8.72 $ 13.10 $ 12.30
------------- ------------- -------------
------------- ------------- -------------
Advisor Class:
Net asset value, offering, and
redemption price per share ($195,943
DIVIDED BY 22,401; $3,005,328 DIVIDED
BY 230,053; and $777,154 DIVIDED BY
63,127 shares outstanding,
respectively)........................ $ 8.75 $ 13.06 $ 12.31
------------- ------------- -------------
------------- ------------- -------------
Net assets consist of:
Paid in capital (Note 4).............. $ 372,865,738 $337,218,506 $ 441,635,549
Undistributed/Accumulated net
investment income.................... 1,018,033 1,361,701 165,400
Accumulated net realized gain (loss)
on investments....................... (146,316,185) 8,330,019 (61,899,072)
Net unrealized appreciation on
translation of assets and
liabilities.......................... 656,730 27,000 294,944
Net unrealized appreciation of
investments.......................... 4,516,616 7,752,767 6,172,837
------------- ------------- -------------
Total -- representing net assets
applicable to capital shares
outstanding............................ $ 232,740,932 $354,689,993 $ 386,369,658
------------- ------------- -------------
------------- ------------- -------------
<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.

F17
<PAGE>
AIM GLOBAL INCOME FUNDS
(FORMERLY GT GLOBAL INCOME FUNDS)

STATEMENTS OF OPERATIONS

Six months ended April 30, 1998

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

<TABLE>
<CAPTION>
AIM
---------------------------------------
GLOBAL
GOVERNMENT GLOBAL HIGH
INCOME INCOME FUND- STRATEGIC
FUND CONSOLIDATED INCOME
(UNAUDITED) (NOTE 1) FUND
----------- ------------ -----------
<S> <C> <C> <C>
Investment income: (Note 1)
Interest income.................................................... $10,992,699 $ 24,460,748 $19,799,049
Securities lending income.......................................... 313,851 662,637 677,327
----------- ------------ -----------
Total investment income.......................................... 11,306,550 25,123,385 20,476,376
----------- ------------ -----------
Expenses:
Investment management and administration fees (Note 2)............. 961,579 1,764,370 1,460,302
Amortization of organization costs (Note 1)........................ -- 692 --
Custodian Fees..................................................... 99,007 54,900 126,700
Directors' and Trustees' fees and expenses (Note 2)................ 4,525 9,326 6,430
Fund accounting fees (Note 2)...................................... 34,976 46,902 53,088
Interest expense................................................... 425,956 17,282 11,355
Printing and postage expenses...................................... 33,485 66,985 72,401
Professional fees.................................................. 58,096 68,554 77,300
Registration and filing fees (Note 1).............................. 29,322 16,675 27,150
Service and distribution expenses: (Note 2)
Class A.......................................................... 264,969 228,195 235,253
Class B.......................................................... 567,064 1,109,235 1,338,087
Transfer agent fees (Note 2)....................................... 305,528 322,530 423,540
Other expenses..................................................... 5,612 8,524 8,145
----------- ------------ -----------
Total expenses..................................................... 2,790,119 3,714,170 3,839,751
----------- ------------ -----------
Net investment income................................................ 8,516,431 21,409,215 16,636,625
----------- ------------ -----------
Net realized and unrealized gain on investments: (Note 1)
Net realized gain (loss) on investments............................ (5,554,013) 8,329,245 3,769,467
Net realized gain (loss) on foreign currency transactions.......... 5,895,662 (2,059,452) 3,468,998
----------- ------------ -----------
Net realized gain during the period.............................. 341,649 6,269,793 7,238,465
----------- ------------ -----------
Net change in unrealized appreciation (depreciation) on translation
of assets and liabilities in foreign currencies................... (3,252,473) 946,476 (1,450,607)
Net change in unrealized appreciation of investments............... 4,464,608 3,389,849 158,475
----------- ------------ -----------
Net unrealized appreciation (depreciation) during the period..... 1,212,135 4,336,325 (1,292,132)
----------- ------------ -----------
Net realized and unrealized gain on investments and foreign
currencies.......................................................... 1,553,784 10,606,118 5,946,333
----------- ------------ -----------
Net increase in net assets resulting from operations................. $10,070,215 $ 32,015,333 $22,582,958
----------- ------------ -----------
----------- ------------ -----------
</TABLE>

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

F18
<PAGE>
AIM GLOBAL INCOME FUNDS
(FORMERLY GT GLOBAL INCOME FUNDS)

STATEMENTS OF CHANGES IN NET ASSETS

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

<TABLE>
<CAPTION>
AIM
----------------------------------------------------------------------------------------------
GLOBAL GOVERNMENT INCOME FUND GLOBAL HIGH INCOME
------------------------------ FUND-CONSOLIDATED STRATEGIC INCOME FUND
SIX MONTHS ------------------------------ ------------------------------
ENDED YEAR ENDED SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
APRIL 30, 1998 OCTOBER 31, ENDED OCTOBER 31, ENDED OCTOBER 31,
(UNAUDITED) 1997 APRIL 30, 1998 1997 APRIL 30, 1998 1997
-------------- ------------- -------------- ------------- -------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Increase (decrease) in net assets
Operations:
Net investment income............ $ 8,516,431 $ 19,128,003 $ 21,409,215 $ 31,937,784 $ 16,636,625 $ 27,580,494
Net realized gain on investments
and foreign currency
transactions.................... 341,649 246,114 6,269,793 69,702,746 7,238,465 39,498,013
Net change in unrealized
appreciation (depreciation) on
translation of assets and
liabilities in foreign
currencies...................... (3,252,473) 5,553,094 946,476 (1,099,793) (1,450,607) 2,627,595
Net change in unrealized
appreciation (depreciation) of
investments..................... 4,464,608 (11,452,067) 3,389,849 (36,470,606) 158,475 (26,190,807)
-------------- ------------- -------------- ------------- -------------- -------------
Net increase in net assets
resulting from operations..... 10,070,215 13,475,144 32,015,333 64,070,131 22,582,958 43,515,295
-------------- ------------- -------------- ------------- -------------- -------------
Class A:
Distributions to shareholders:
(Note 1)
From net investment income....... (4,583,533) (6,827,721) (7,715,585) (12,555,399) (4,692,291) (10,228,265)
From net realized gain on
investments..................... -- -- (24,244,657) (2,751,509) -- --
In excess of net investment
income.......................... -- (4,449,488) -- -- -- (775,601)
Class B:
Distributions to shareholders:
(Note 1)
From net investment income....... (2,902,894) (4,503,257) (12,421,981) (17,789,317) (8,398,431) (18,434,103)
From net realized gain on
investments..................... -- -- (40,998,478) (3,911,565) -- --
In excess of net investment
income.......................... -- (2,934,682) -- -- -- (1,397,843)
Advisor Class:
Distributions to shareholders:
(Note 1)
From net investment income....... (11,971) (4,070) (213,548) (1,289,469) (29,497) (43,148)
From net realized gain on
investments..................... -- -- (625,775) (264,339) -- --
In excess of net investment
income.......................... -- (2,653) -- -- -- (3,272)
-------------- ------------- -------------- ------------- -------------- -------------
Total distributions.......... (7,498,398) (18,721,871) (86,220,024) (38,561,598) (13,120,219) (30,882,232)
-------------- ------------- -------------- ------------- -------------- -------------
Capital share transactions: (Note
4)
Increase from capital shares sold
and reinvested.................. 591,892,734 667,541,828 173,649,654 561,523,639 109,089,465 335,031,026
Decrease from capital shares
repurchased..................... (643,833,097) (787,794,141) (130,547,381) (665,858,246) (152,806,341) (445,823,540)
-------------- ------------- -------------- ------------- -------------- -------------
Net decrease from capital share
transactions.................. (51,940,363) (120,252,313) 43,102,273 (104,334,607) (43,716,876) (110,792,514)
-------------- ------------- -------------- ------------- -------------- -------------
Total increase (decrease) in net
assets............................ (49,368,546) (125,499,040) (11,102,418) (78,826,074) (34,254,137) (98,159,451)
Net assets:
Beginning of period.............. 282,109,478 407,608,518 365,792,411 444,618,485 420,623,795 518,783,246
-------------- ------------- -------------- ------------- -------------- -------------
End of period *................. $ 232,740,932 $ 282,109,478 $ 354,689,993 $ 365,792,411 $ 386,369,658 $ 420,623,795
-------------- ------------- -------------- ------------- -------------- -------------
-------------- ------------- -------------- ------------- -------------- -------------
* Includes undistributed
(distributions in excess of) net
investment income............... $ 1,018,033 $ -- $ 1,361,701 $ 303,600 $ 165,400 $ (3,351,006)
-------------- ------------- -------------- ------------- -------------- -------------
-------------- ------------- -------------- ------------- -------------- -------------
</TABLE>

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

F19
<PAGE>
AIM GLOBAL INCOME FUNDS
(FORMERLY GT GLOBAL INCOME FUNDS)

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>
Global Government Income Fund
----------------------------------------------------------------------------
Class A
----------------------------------------------------------------------------
SIX MONTHS
ENDED Year ended October 31,
APRIL 30, 1998 -----------------------------------------------------------
(UNAUDITED)(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.... $ 8.62 $ 8.74 $ 8.81 $ 8.63 $ 11.07 $ 9.83
-------------- ----------- --------- --------- --------- ---------
Income from investment operations:
Net investment income................. 0.29 0.52 0.57 0.62 0.65 0.74
Net realized and unrealized gain
(loss) on investments................ 0.07 (0.13) 0.03 0.15 (1.52) 1.34
-------------- ----------- --------- --------- --------- ---------
Net increase (decrease) from
investment operations.............. 0.36 0.39 0.60 0.77 (0.87) 2.08
-------------- ----------- --------- --------- --------- ---------
Distributions to shareholders:
From net investment income............ (0.26) (0.31) (0.57) (0.59) (0.65) (0.74)
From net realized gain on
investments.......................... -- -- (0.10) -- (0.27) --
In excess of net investment income.... -- (0.20) -- -- -- --
In excess of net realized gain on
investments.......................... -- -- -- -- (0.55) --
Return of capital..................... -- -- -- -- (0.10) --
From sources other than net investment
income............................... -- -- -- -- -- (0.10)
-------------- ----------- --------- --------- --------- ---------
Total distributions................. (0.26) (0.51) (0.67) (0.59) (1.57) (0.84)
-------------- ----------- --------- --------- --------- ---------
Net asset value, end of period.......... $ 8.72 $ 8.62 $ 8.74 $ 8.81 $ 8.63 $ 11.07
-------------- ----------- --------- --------- --------- ---------
-------------- ----------- --------- --------- --------- ---------

Total investment return (c)............. 4.05% (b) 4.78% 7.11% 9.22% (8.87)% 21.9%
Ratios and supplemental data:
Net assets, end of period (in 000's).... $130,246 $154,272 $240,945 $385,404 $502,094 $708,301
Ratio of net investment income to
average net assets..................... 6.69% (a) 6.04% 6.52% 6.98% 6.87% 7.1%
Ratio of operating expenses to average
net assets:
With expense reductions (Note 1)...... 1.50% (a) 1.34% 1.34% 1.35% 1.33% 1.4%
Without expense reductions............ 1.50% (a) 1.51% 1.39% 1.38% N/A N/A
Ratio of interest expense to average net
assets................................. 0.32% (a) N/A N/A N/A N/A N/A
Portfolio turnover rate++............... 211% (a) 241% 268% 385% 625% 495%
</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.
+ Commencing June 1, 1995, the Fund began offering Advisor Class shares.
++ Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares.
N/A Not Applicable.

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

F20
<PAGE>
AIM GLOBAL INCOME FUNDS
(FORMERLY GT GLOBAL INCOME FUNDS)

FINANCIAL HIGHLIGHTS (cont'd)

<TABLE>
<CAPTION>
Global Government Income Fund
-----------------------------------------------------------------------------
Class B
-----------------------------------------------------------------------------
SIX MONTHS
ENDED Year ended October 31,
APRIL 30, 1998 ------------------------------------------------------------
(UNAUDITED)(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.... $ 8.62 $ 8.74 $ 8.80 $ 8.64 $ 11.07 $ 9.83
-------------- ------------ --------- --------- --------- ---------
Income from investment operations:
Net investment income................. 0.26 0.46 0.51 0.55 0.59 0.67
Net realized and unrealized gain
(loss) on investments................ 0.07 (0.12) 0.04 0.14 (1.52) 1.34
-------------- ------------ --------- --------- --------- ---------
Net increase (decrease) from
investment operations.............. 0.33 0.34 0.55 0.69 (0.93) 2.01
-------------- ------------ --------- --------- --------- ---------
Distributions to shareholders:
From net investment income............ (0.23) (0.28) (0.51) (0.53) (0.59) (0.67)
From net realized gain on
investments.......................... -- -- (0.10) -- (0.27) --
In excess of net investment income.... -- (0.18) -- -- -- --
In excess of net realized gain on
investments.......................... -- -- -- -- (0.54) --
Return of capital..................... -- -- -- -- (0.10) --
From sources other than net investment
income............................... -- -- -- -- -- (0.10)
-------------- ------------ --------- --------- --------- ---------
Total distributions................. (0.23) (0.46) (0.61) (0.53) (1.50) (0.77)
-------------- ------------ --------- --------- --------- ---------
Net asset value, end of period.......... $ 8.72 $ 8.62 $ 8.74 $ 8.80 $ 8.64 $ 11.07
-------------- ------------ --------- --------- --------- ---------
-------------- ------------ --------- --------- --------- ---------

Total investment return (c)............. 3.85% (b) 4.00% 6.54% 8.22% (9.39)% 21.1%
Ratios and supplemental data:
Net assets, end of period (in 000's).... $102,299 $127,722 $166,577 $235,481 $262,405 $182,972
Ratio of net investment income to
average net assets..................... 6.04% (a) 5.39% 5.87% 6.33% 6.22% 6.5%
Ratio of operating expenses to average
net assets:
With expense reductions (Note 1)...... 2.15% (a) 1.99% 1.99% 2.00% 1.98% 2.0%
Without expense reductions............ 2.15% (a) 2.16% 2.04% 2.03% N/A N/A
Ratio of interest expense to average net
assets................................. 0.32% (a) N/A N/A N/A N/A N/A
Portfolio turnover rate++............... 211% (a) 241% 268% 385% 625% 495%
</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.
+ Commencing June 1, 1995, the Fund began offering Advisor Class shares.
++ Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares.
N/A Not Applicable.

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

F21
<PAGE>
AIM GLOBAL INCOME FUNDS
(FORMERLY GT GLOBAL INCOME FUNDS)

FINANCIAL HIGHLIGHTS (cont'd)

<TABLE>
<CAPTION>
GLOBAL GOVERNMENT INCOME FUND
-------------------------------------------
Advisor Class+
-------------------------------------------
SIX
MONTHS June 1,
ENDED 1995
APRIL Year ended to
30, October 31, October
1998 ------------------- 31,
(UNAUDITED)(d) 1997(d) 1996(d) 1995(d)
------- --------- ------- ---------
<S> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 8.61 $ 8.73 $ 8.80 $ 8.98
------- --------- ------- ---------
Income from investment operations:
Net investment income................. 0.30 0.55 0.60 0.26
Net realized and unrealized gain
(loss) on investments................ 0.11 (0.13) 0.03 (0.19)
------- --------- ------- ---------
Net increase (decrease) from
investment operations.............. 0.41 0.42 0.63 0.07
------- --------- ------- ---------
Distributions to shareholders:
From net investment income............ (0.27) (0.33) (0.60) (0.25)
From net realized gain on
investments.......................... -- -- (0.10) --
In excess of net investment income.... -- (0.21) -- --
In excess of net realized gain on
investments.......................... -- -- -- --
Return of capital..................... -- -- --
From sources other than net investment
income............................... -- -- -- --
------- --------- ------- ---------
Total distributions................. (0.27) (0.54) (0.70) (0.25)
------- --------- ------- ---------
Net asset value, end of period.......... $ 8.75 $ 8.61 $ 8.73 $ 8.80
------- --------- ------- ---------
------- --------- ------- ---------

Total investment return (c)............. 4.71%(b) 5.15% 7.49% 0.83%(b)
Ratios and supplemental data:
Net assets, end of period (in 000's).... $ 196 $ 116 $ 86 $ 131
Ratio of net investment income to
average net assets..................... 7.04%(a) 6.39% 6.87% 7.33%(a)
Ratio of operating expenses to average
net assets:
With expense reductions (Note 1)...... 1.15%(a) 0.99% 0.99% 1.00%(a)
Without expense reductions............ 1.15%(a) 1.16% 1.04% 1.03%(a)
Ratio of interest expense to average net
assets................................. 0.32%(a) N/A N/A N/A
Portfolio turnover rate++............... 211%(a) 241% 268% 385%
</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.
+ Commencing June 1, 1995, the Fund began offering Advisor Class shares.
++ Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares.
N/A Not Applicable.

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

F22
<PAGE>
AIM GLOBAL INCOME FUNDS
(FORMERLY GT GLOBAL INCOME FUNDS)

FINANCIAL HIGHLIGHTS

- --------------------------------------------------------------------------------
Contained below is per share operating performance data for a share outstanding
throughout the period, total investment return, ratios and supplemental data.
This information has been derived from information provided in the financial
statements.

<TABLE>
<CAPTION>
Global High Income Fund
------------------------------------------------------------------------
Class A
------------------------------------------------------------------------
SIX MONTHS
ENDED Year ended October 31,
APRIL 30, ---------------------------------------------------------
1998(d) 1997(d) 1996(d) 1995 1994(d) 1993(d)
---------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 15.56 $ 14.85 $ 11.70 $ 12.56 $ 14.92 $ 11.43
---------- --------- --------- --------- --------- ---------
Income from investment operations:
Net investment income................. 0.84* 1.19 1.27 1.35 0.94 0.78
Net realized and unrealized gain
(loss) on investments................ 0.38 0.93 3.09 (1.09) (1.87) 3.92
---------- --------- --------- --------- --------- ---------
Net increase (decrease) from
investment operations.............. 1.22 2.12 4.36 0.26 (0.93) 4.70
---------- --------- --------- --------- --------- ---------
Distributions to shareholders:
From net investment income............ (0.83) (1.18) (1.11) (1.03) (0.94) (0.78)
From net realized gain on
investments.......................... (2.83) (0.23) (0.10) (0.03) (0.27) --
In excess of net realized gain on
investments.......................... -- -- -- -- (0.22) --
Return of capital..................... -- -- -- (0.06) -- --
From sources other than net investment
income............................... -- -- -- -- -- (0.43)
---------- --------- --------- --------- --------- ---------
Total distributions................. (3.66) (1.41) (1.21) (1.12) (1.43) (1.21)
---------- --------- --------- --------- --------- ---------
Net asset value, end of period.......... $ 13.12 $ 15.56 $ 14.85 $ 11.70 $ 12.56 $ 14.92
---------- --------- --------- --------- --------- ---------
---------- --------- --------- --------- --------- ---------

Total investment return (c)............. 9.73%(b) 14.46% 39.05% 2.81% (6.45)% 43.6%
Ratios and supplemental data:
Net assets, end of period (in 000's).... $130,645 $133,973 $178,318 $142,002 $167,974 $143,171
Ratio of net investment income to
average net assets..................... 10.87%(a) 7.39% 9.52% 11.85% 7.00% 6.40%
Ratio of operating expenses to average
net assets:
With expense reductions (Note 1)...... 1.68%(a) 1.53% 1.69% 1.75% 1.57% 2.20%
Without expense reductions............ 1.68%(a) 1.58% 1.69% 1.75% 1.57% 2.20%
Ratio of interest expense to average net
assets................................. 0.01%(a) N/A 0.04% N/A 0.22% N/A
Portfolio turnover rate++............... 222%(a) 214% 290% 213% 178% 195%
</TABLE>

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

(a) Annualized
(b) Not annualized
(c) Total investment return does not include sales charges.
(d) These selected per share operating data were calculated based upon
average shares outstanding during the period.
* Net investment income per share reflects an interest payment received
from the conversion of Vnesheconombank loan agreements. Without such a
payment net investment income would have been $0.63, $0.58 and $0.66
per share for Class A, B and Advisor, respectively.
+ Commencing June 1, 1995, the Fund began offering Advisor Class shares.
++ Portfolio turnover is calculated on the basis of the fund as a whole
without distinguishing among the classes of shares issued.
N/A Not Applicable

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

F23
<PAGE>
AIM GLOBAL INCOME FUNDS
(FORMERLY GT GLOBAL INCOME FUNDS)

FINANCIAL HIGHLIGHTS (cont'd)

- --------------------------------------------------------------------------------
Contained below is per share operating performance data for a share outstanding
throughout the period, total investment return, ratios and supplemental data.
This information has been derived from information provided in the financial
statements.

<TABLE>
<CAPTION>
Global High Income Fund
------------------------------------------------------------------------
Class B
------------------------------------------------------------------------
SIX MONTHS
ENDED Year ended October 31,
APRIL 30, ---------------------------------------------------------
1998(d) 1997(d) 1996(d) 1995 1994(d) 1993(d)
----------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 15.54 $ 14.83 $ 11.69 $ 12.56 $ 14.90 $ 11.43
----------- --------- --------- --------- --------- ---------
Income from investment operations:
Net investment income................. 0.79* 1.09 1.17 1.27 0.86 0.70
Net realized and unrealized gain
(loss) on investments................ 0.39 0.93 3.09 (1.09) (1.85) 3.90
----------- --------- --------- --------- --------- ---------
Net increase (decrease) from
investment operations.............. 1.18 2.02 4.26 0.18 (0.99) 4.60
----------- --------- --------- --------- --------- ---------
Distributions to shareholders:
From net investment income............ (0.79) (1.08) (1.03) (0.96) (0.86) (0.70)
From net realized gain on
investments.......................... (2.83) (0.23) (0.09) (0.03) (0.27) --
In excess of net realized gain on
investments.......................... -- -- -- -- (0.22) --
Return of capital..................... -- -- -- (0.06) -- --
From sources other than net investment
income............................... -- -- -- -- -- (0.43)
----------- --------- --------- --------- --------- ---------
Total distributions................. (3.62) (1.31) (1.12) (1.05) (1.35) (1.13)
----------- --------- --------- --------- --------- ---------
Net asset value, end of period.......... $ 13.10 $ 15.54 $ 14.83 $ 11.69 $ 12.56 $ 14.90
----------- --------- --------- --------- --------- ---------
----------- --------- --------- --------- --------- ---------

Total investment return (c)............. 9.37% (b) 13.77% 38.16% 2.07% (6.99)% 42.6%
Ratios and supplemental data:
Net assets, end of period (in 000's).... $221,039 $228,101 $251,002 $214,897 $232,423 $127,035
Ratio of net investment income to
average net assets..................... 10.22% (a) 6.74% 8.87% 11.20% 6.35% 5.8%
Ratio of operating expenses to average
net assets:
With expense reductions (Note 1)...... 2.33% (a) 2.18% 2.34% 2.40% 2.22% 2.8%
Without expense reductions............ 2.33% (a) 2.23% 2.34% 2.40% 2.22% 2.8%
Ratio of interest expense to average net
assets................................. 0.01% (a) N/A 0.04% N/A 0.22% N/A
Portfolio turnover rate++............... 222% (a) 214% 290% 213% 178% 195%
</TABLE>

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

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

F24
<PAGE>
AIM GLOBAL INCOME FUNDS
(FORMERLY GT GLOBAL INCOME FUNDS)

FINANCIAL HIGHLIGHTS (cont'd)

- --------------------------------------------------------------------------------
Contained below is per share operating performance data for a share outstanding
throughout the period, total investment return, ratios and supplemental data.
This information has been derived from information provided in the financial
statements.

<TABLE>
<CAPTION>
Global High Income Fund
--------------------------------------------
Advisor Class+
--------------------------------------------
SIX June 1,
MONTHS 1995
ENDED Year Ended to
APRIL October 31, October
30, ------------------ 31,
1998(d) 1997(d) 1996(d) 1995
-------- ------- -------- ----------
<S> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $15.52 $14.83 $ 11.71 $11.44
-------- ------- -------- ----------
Income from investment operations:
Net investment income................. 0.87* 1.22 1.34 0.57
Net realized and unrealized gain
(loss) on investments................ 0.36 0.93 3.05 0.17
-------- ------- -------- ----------
Net increase (decrease) from
investment operations.............. 1.23 2.15 4.39 0.74
-------- ------- -------- ----------
Distributions to shareholders:
From net investment income............ (0.86) (1.23) (1.16) (0.44)
From net realized gain on
investments.......................... (2.83) (0.23) (0.11) --
In excess of net realized gain on
investments.......................... -- -- -- --
Return of capital..................... -- -- -- (0.03)
From sources other than net investment
income............................... -- -- -- --
-------- ------- -------- ----------
Total distributions................. (3.69) (1.46) (1.27) (0.47)
-------- ------- -------- ----------
Net asset value, end of period.......... $13.06 $15.52 $ 14.83 $11.71
-------- ------- -------- ----------
-------- ------- -------- ----------

Total investment return (c)............. 9.81%(b) 14.72% 39.38% 6.54%(b)
Ratios and supplemental data:
Net assets, end of period (in 000's).... $3,005 $3,719 $15,298 $1,463
Ratio of net investment income to
average net assets..................... 11.22%(a) 7.74% 9.87% 12.20%(a)
Ratio of operating expenses to average
net assets:
With expense reductions (Note 1)...... 1.33%(a) 1.18% 1.34% 1.40%(a)
Without expense reductions............ 1.33%(a) 1.23% 1.34% 1.40%
Ratio of interest expense to average net
assets................................. 0.01%(a) N/A 0.04% N/A
Portfolio turnover rate++............... 222%(a) 214% 290% 213%(a)
</TABLE>

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

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

F25
<PAGE>
AIM GLOBAL INCOME FUNDS
(FORMERLY GT GLOBAL INCOME FUNDS)

FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
Strategic Income Fund
--------------------------------------------------------------------------------
Class A
--------------------------------------------------------------------------------
SIX MONTHS
ENDED Year ended October 31,
APRIL 30, -----------------------------------------------------------------
1998(d) 1997 1996(d) 1995(d) 1994 1993(d)
---------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 12.00 $ 11.76 $ 10.32 $ 10.88 $ 13.61 $ 11.25
---------- --------- --------- --------- --------- ---------
Income from investment operations:
Net investment income................. 0.52* 0.74 0.89 0.97 0.79 0.96
Net realized and unrealized gain
(loss) on investments................ 0.19 0.34 1.44 (0.69) (2.14) 2.85
---------- --------- --------- --------- --------- ---------
Net increase (decrease) from
investment operations.............. 0.71 1.08 2.33 0.28 (1.35) 3.81
---------- --------- --------- --------- --------- ---------
Distributions to shareholders:
From net investment income............ (0.42) (0.78) (0.82) (0.80) (0.79) (0.96)
From net realized gain on
investments.......................... -- -- -- -- (0.38) (0.37)
In excess of net investment income.... -- (0.06) (0.07) -- -- --
Return of capital..................... -- -- -- (0.04) (0.21) --
From sources other than net investment
income............................... -- -- -- -- -- (0.12)
---------- --------- --------- --------- --------- ---------
Total distributions................. (0.42) (0.84) (0.89) (0.84) (1.38) (1.45)
---------- --------- --------- --------- --------- ---------
Net asset value, end of period.......... $ 12.29 $ 12.00 $ 11.76 $ 10.32 $ 10.88 $ 13.61
---------- --------- --------- --------- --------- ---------
---------- --------- --------- --------- --------- ---------

Total investment return (c)............. 5.92%(b) 9.40% 23.00% 3.06% (10.44)% 37.0%
Ratios and supplemental data:
Net assets, end of period (in 000's).... $131,367 $138,715 $185,126 $188,165 $275,241 $287,870
Ratio of net investment income to
average net assets..................... 7.78%(a) 6.18% 8.09% 9.64% 6.74% 7.2%
Ratio of operating expenses to average
net assets:
With expense reductions (Note 1)...... 1.46%(a) 1.35% 1.38% 1.42% 1.40% 1.7%
Without expense reductions............ 1.46%(a) 1.44% 1.40% 1.45% N/A N/A
Ratio of interest expense to average net
assets................................. 0.01%(a) N/A N/A N/A 0.10% N/A
Portfolio turnover rate++............... 244%(a) 149% 177% 238% 583% 310%
</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.
* Net investment income per share reflects an interest payment received
from the conversion of Vnesheconombank loan agreements. Without such a
payment net investment income would have been $0.41, $0.37 and $0.44
per share for Class A, B and Advisor, respectively.
+ Commencing June 1, 1995, the Fund began offering Advisor Class shares.
++ Portfolio turnover is 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.

F26
<PAGE>
AIM GLOBAL INCOME FUNDS
(FORMERLY GT GLOBAL INCOME FUNDS)

FINANCIAL HIGHLIGHTS (cont'd)

<TABLE>
<CAPTION>
Strategic Income Fund
--------------------------------------------------------------------------------
Class B
--------------------------------------------------------------------------------
SIX MONTHS
ENDED Year ended October 31,
APRIL 30, -----------------------------------------------------------------
1998(d) 1997 1996(d) 1995(d) 1994 1993(d)
---------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 12.01 $ 11.77 $ 10.33 $ 10.88 $ 13.60 $ 11.24
---------- --------- --------- --------- --------- ---------
Income from investment operations:
Net investment income................. 0.48* 0.67 0.82 0.91 0.73 0.89
Net realized and unrealized gain
(loss) on investments................ 0.19 0.33 1.44 (0.69) (2.14) 2.85
---------- --------- --------- --------- --------- ---------
Net increase (decrease) from
investment operations.............. 0.67 1.00 2.26 0.22 (1.41) 3.74
---------- --------- --------- --------- --------- ---------
Distributions to shareholders:
From net investment income............ (0.38) (0.71) (0.75) (0.73) (0.72) (0.89)
From net realized gain on
investments.......................... -- -- -- -- (0.38) (0.37)
In excess of net investment income.... -- (0.05) (0.07) -- -- --
Return of capital..................... -- -- -- (0.04) (0.21) --
From sources other than net investment
income............................... -- -- -- -- -- (0.12)
---------- --------- --------- --------- --------- ---------
Total distributions................. (0.38) (0.76) (0.82) (0.77) (1.31) (1.38)
---------- --------- --------- --------- --------- ---------
Net asset value, end of period.......... $ 12.30 $ 12.01 $ 11.77 $ 10.33 $ 10.88 $ 13.60
---------- --------- --------- --------- --------- ---------
---------- --------- --------- --------- --------- ---------

Total investment return (c)............. 5.58%(b) 8.70% 22.15% 2.48% (11.02)% 36.2%
Ratios and supplemental data:
Net assets, end of period (in 000's).... $254,225 $281,376 $333,178 $357,852 $458,550 $310,431
Ratio of net investment income to
average net assets..................... 7.13%(a) 5.53% 7.44% 8.99% 6.09% 6.5%
Ratio of operating expenses to average
net assets:
With expense reductions (Note 1)...... 2.11%(a) 2.00% 2.03% 2.07% 2.05% 2.4%
Without expense reductions............ 2.11%(a) 2.09% 2.05% 2.10% N/A N/A
Ratio of interest expense to average net
assets................................. 0.01%(a) N/A N/A N/A 0.10% N/A
Portfolio turnover rate++............... 244%(a) 149% 177% 238% 583% 310%
</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.
* Net investment income per share reflects an interest payment received
from the conversion of Vnesheconombank loan agreements. Without such a
payment net investment income would have been $0.41, $0.37 and $0.44
per share for Class A, B and Advisor, respectively.
+ Commencing June 1, 1995, the Fund began offering Advisor Class shares.
++ Portfolio turnover is 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.

F27
<PAGE>
AIM GLOBAL INCOME FUNDS
(FORMERLY GT GLOBAL INCOME FUNDS)

FINANCIAL HIGHLIGHTS (cont'd)

<TABLE>
<CAPTION>
Strategic Income Fund
-----------------------------------------------------
Advisor Class+
-----------------------------------------------------
SIX MONTHS Year Ended June 1, 1995
ENDED October 31, to
APRIL 30, --------------------- October 31,
1998(d) 1997 1996(d) 1995(d)
---------- -------- -------- ------------
<S> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 12.02 $ 11.77 $ 10.33 $ 10.32
---------- -------- -------- ------------
Income from investment operations:
Net investment income................. 0.55* 0.79 0.93 0.41
Net realized and unrealized gain
(loss) on investments................ 0.18 0.34 1.44 (0.04)
---------- -------- -------- ------------
Net increase (decrease) from
investment operations.............. 0.73 1.13 2.37 0.37
---------- -------- -------- ------------
Distributions to shareholders:
From net investment income............ (0.44) (0.82) (0.86) (0.34)
From net realized gain on
investments.......................... -- -- -- --
In excess of net investment income.... -- (0.06) (0.07) --
Return of capital..................... -- -- -- (0.02)
From sources other than net investment
income............................... -- -- -- --
---------- -------- -------- ------------
Total distributions................. (0.44) (0.88) (0.93) (0.36)
---------- -------- -------- ------------
Net asset value, end of period.......... $ 12.31 $ 12.02 $ 11.77 $ 10.33
---------- -------- -------- ------------
---------- -------- -------- ------------

Total investment return (c)............. 6.09%(b) 9.86% 23.39% 3.72% (b)
Ratios and supplemental data:
Net assets, end of period (in 000's).... $ 777 $ 533 $ 479 $ 443
Ratio of net investment income to
average net assets..................... 8.13%(a) 6.53% 8.44% 9.99% (a)
Ratio of operating expenses to average
net assets:
With expense reductions (Note 1)...... 1.11%(a) 1.00% 1.03% 1.07% (a)
Without expense reductions............ 1.11%(a) 1.09% 1.05% 1.10% (a)
Ratio of interest expense to average net
assets................................. 0.01%(a) N/A N/A N/A
Portfolio turnover rate++............... 244%(a) 149% 177% 238%
</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.
* Net investment income per share reflects an interest payment received
from the conversion of Vnesheconombank loan agreements. Without such a
payment net investment income would have been $0.41, $0.37 and $0.44
per share for Class A, B and Advisor, respectively.
+ Commencing June 1, 1995, the Fund began offering Advisor Class shares.
++ Portfolio turnover is 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.

F28
<PAGE>
AIM GLOBAL INCOME FUNDS
(FORMERLY GT GLOBAL INCOME FUNDS)

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 6 -- Subsequent Events" for a discussion of certain changes which took
place after April 30, 1998.

1. SIGNIFICANT ACCOUNTING POLICIES (SEE ALSO NOTE 6)
GT Global Government Income Fund, GT Global High Income Fund and GT Global
Strategic Income Fund ("Funds") are non-diversified separate series of GT
Investment Funds, Inc. ("Company"). Effective June 1, 1998, the Company was
renamed AIM Investment Funds, Inc. and these separate series were renamed as
follows: AIM Global Government Income Fund, AIM Global High Income Fund and AIM
Strategic Income Fund, respectively. Collectively, these Funds are now known as
the "AIM Global Income Funds." The Company is organized as a Maryland
corporation and is registered under the Investment Company Act of 1940, as
amended ("1940 Act"), as an open-end management investment company. The Company
has thirteen series of shares in operation, each series corresponding to a
distinct portfolio of investments.

The GT Global High Income Fund invests substantially all of its investable
assets in Global High Income Portfolio ("Portfolio"). The Portfolio is organized
as a New York Trust and is registered under the 1940 Act as a non-diversified,
open-end management investment company.

The Portfolio has investment objectives, policies and limitations substantially
identical to those of its corresponding Fund. Therefore, the financial
statements of the Fund and its respective Portfolio have been presented on a
consolidated basis, and represent all activities of both the Fund and Portfolio.
Through April 30, 1998, all of the shares of beneficial interest of the
Portfolio were owned by either its Fund or Chancellor LGT Asset Management, Inc.
(the "Manager"), which has a nominal ($100) investment in the Portfolio.

The Funds offer 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 Funds calculate the net asset value of and complete 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 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 a 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 or the Trust's Board of Trustees.

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 or
the Trust's Board of Trustees.

(B) FOREIGN CURRENCY TRANSLATION
The accounting records of each Fund and Portfolio 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 Funds or
Portfolio (the phrase "Funds or Portfolio" hereinafter refers to the GT Global
Government Income Fund, the GT Global Strategic Income Fund, and the Global High
Income Portfolio) after translation to U.S. dollars based on the exchange rates
on that day. The cost of each security is determined

F29
<PAGE>
AIM GLOBAL INCOME FUNDS
(FORMERLY GT GLOBAL INCOME FUNDS)

using historical exchange rates. Income and withholding taxes are
translated at prevailing exchange rates when earned or incurred.

A Fund or Portfolio does not isolate that portion of the results of operations
resulting from changes in foreign exchange rates on investments from
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 a
Fund's or Portfolio's books and the U.S. dollar equivalent of the amounts
actually received or paid. Net unrealized foreign exchange gains or losses arise
from changes in the value of assets and liabilities other than investments in
securities at period end, resulting from changes in exchange rates.

(C) REPURCHASE AGREEMENTS
With respect to repurchase agreements entered into by a Fund or Portfolio, it is
the Fund's or Portfolio'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 or Portfolio 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 a Fund or Portfolio as an unrealized gain or loss.
When the Forward Contract is closed, the Fund or Portfolio 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 or Portfolio's "Statement of Assets
and Liabilities." A Fund or Portfolio 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. A Fund or Portfolio 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 a Fund or Portfolio writes a call or put option, an amount equal to the
premium received is included in the Fund's or Portfolio'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, unless a
quotation from only one broker is available, in which case only that broker's
price will be used. If an option expires on its stipulated expiration date or if
the Fund or Portfolio 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 or Portfolio can write options only on a covered basis,
which, for a call, requires that the Fund or Portfolio hold the underlying
security and, for a put, requires the Fund or Portfolio to set aside 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 or Portfolio may use options to manage its
exposure to the stock market and to fluctuations in currency values or interest
rates.

The premium paid by the Fund or Portfolio for the purchase of a call or put
option is included in the Fund's or Portfolio'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 or Portfolio has
purchased expires on the stipulated expiration date, the Fund or Portfolio
realizes a loss in the amount of the cost of the option. If the Fund or
Portfolio enters into a closing sale transaction, the Fund or Portfolio 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 or Portfolio
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 or Portfolio
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 or Portfolio 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 Portfolio 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 or Portfolio 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 a
Fund or Portfolio 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 or Portfolio
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 or Portfolio as

F30
<PAGE>
AIM GLOBAL INCOME FUNDS
(FORMERLY GT GLOBAL INCOME FUNDS)

unrealized gains or losses. When the contract is closed, the Fund or Portfolio
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 or Portfolio is that the change in value of the
underlying securities may not correlate to the change in value of the contracts.
A Fund or Portfolio may use futures contracts to manage its exposure to the
stock market and to fluctuations in currency values or interest rates.

(G) SWAP CONTRACTS AND OTHER DERIVATIVE INSTRUMENTS
Swap contracts involve the exchange by a Fund or Portfolio with a counterparty
of respective commitments to pay or receive, fixed or floating rates with
respect to a notional amount. A Fund or Portfolio may enter into these
transactions primarily to preserve a return or spread on a particular investment
or portion of its portfolio, to protect against currency fluctuations, as a
technique for managing the portfolio's duration or to protect against any
increase in the price of securities the Fund or Portfolio anticipates purchasing
at a later date. A Fund or Portfolio may be exposed to risk if a counterparty is
unable to meet the terms of the contract, the value of the contract changes
unfavorably, or the change in value of the underlying securities, indexes or
similar reference item does not correlate to the change in the value of the
contracts.
(H) 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 its collection, income is recorded net of all
withholding tax with any rebate recorded when received. A Fund or Portfolio 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
or Portfolio to subsequently invest at less advantageous prices.

(I) PORTFOLIO SECURITIES LOANED
At April 30, 1998, stocks with an aggregate value listed below were on loan to
brokers. The loans were secured by cash collateral received by the Funds:

<TABLE>
<CAPTION>
APRIL 30, 1998 PERIOD ENDED
-------------------------------- APRIL 30, 1998
AGGREGATE VALUE CASH --------------
ON LOAN COLLATERAL FEES RECEIVED
--------------- -------------- --------------
<S> <C> <C> <C>
GT Global Government Income Fund........ $ 5,105,020 $ 7,410,000 $313,851
Global High Income Portfolio............ $ 41,346,275 $ 44,614,120 $662,637
GT Global Strategic Income Fund......... $ 23,358,514 $ 25,208,069 $677,327
</TABLE>

For international securities, cash collateral is received by a Fund or Portfolio
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 a Fund or Portfolio against loaned securities in the
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.

(J) TAXES
It is the intended policy of the Funds and Portfolios 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 Funds and
Portfolios 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. The GT Global Government
Income Fund has a capital loss carryforward of $139,369,056 of which
$123,623,470 expires in 2002, and $15,745,586 expires in 2003. The GT Global
Strategic Income Fund has a capital loss carryforward of $65,749,433 which
expires in 2003.

(K) DISTRIBUTIONS TO SHAREHOLDERS
Distributions to shareholders are recorded by each 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 Funds or Portfolio and timing
differences.

(L) DEFERRED ORGANIZATIONAL EXPENSES
Expenses incurred by the GT Global High Income Fund and the Portfolio in
connection with their organization, their initial registration with the
Securities and Exchange Commission and with various states and the initial
public offering of its shares aggregated $149,100 and $25,000, respectively.
These expenses are being amortized on a straightline basis over a five-year
period.

(M) 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 or Portfolio's investment 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.

F31
<PAGE>
AIM GLOBAL INCOME FUNDS
(FORMERLY GT GLOBAL INCOME FUNDS)

(N) INDEXED SECURITIES
A Fund or Portfolio 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.

(O) RESTRICTED SECURITIES
A Fund or Portfolio 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. At the end of the period,
restricted securities (excluding 144A issues) are shown at the end of the Fund's
or Portfolio's Portfolio of Investments.

(P) LINE OF CREDIT
Each of the Funds, along with certain other funds ("Funds") advised and/or
administered by the Manager, has a line of credit with BankBoston. GT Global
Government Income Fund, along with certain other funds ("GT Funds") advised
and/or administered by the Manager, has a line of credit with State Street Bank
& Trust Company. The arrangements with the banks allow all specified funds and
the GT Funds to borrow an aggregate maximum amount of $250,000,000. Each of
these funds is limited to borrowing up to 33 1/3% of the value of each Fund's
total assets. On April 30, 1998, GT Global Government Income Fund and GT Global
Strategic Income Fund had $21,178,000 and $1,000,000, respectively, in loans
outstanding.

For the period ended April 30, 1998, the weighted average outstanding daily
balance of bank loans (based on the number of days the loans were outstanding)
for GT Global Government Income Fund, GT Global High Income Fund, and GT Global
Strategic Income Fund was $14,452,819, $5,000,000 and $4,538,462 respectively,
with a weighted average interest rate of 6.34%, 6.24% and 6.24%, respectively.
Interest expense for the GT Global Government Income Fund, GT Global High Income
Fund and GT Global Strategic Income Fund for the period ended April 30, 1998 was
$394,370, $15,597 and $10,231, respectively. Other interest expense charges
amounted to $31,586, $1,685, and $1,124, respectively.

(Q) SECURITIES PURCHASED ON A WHEN-ISSUED OR FORWARD COMMITMENT BASIS
A Fund or Portfolio may trade securities on a when-issued or forward commitment
basis, with payment and delivery scheduled for a future date. These transactions
are subject to market fluctuations and are subject to the risk that the value at
delivery may be more or less than the trade date purchase price. Although the
Fund or Portfolio will generally purchase these securities with the intention of
acquiring such securities, they may sell such securities before the settlement
date. These securities are identified on the accompanying Portfolio of
Investments. The Fund or Portfolio has set aside sufficient cash or liquid
securities as collateral for these purchase commitments.

2. RELATED PARTIES (SEE ALSO NOTE 6)
For the period ended April 30, 1998, Chancellor LGT Asset Management, Inc. was
the Funds' and Portfolios' investment manager and administrator. The GT Global
Government Income Fund and GT Global Strategic Income Fund each pays the Manager
investment management and administration fees at the annualized rate of 0.725%
on the first $500 million of the average daily net assets of the Fund; 0.70% on
the next $1 billion; 0.675% on the next $1 billion; and 0.65% on amounts
thereafter. The GT Global High Income Fund pays administration fees to the
Manager at the annualized rate of 0.25% of its average daily net assets. These
fees are computed daily and paid monthly.

The Global High Income Portfolio pays investment management and administration
fees to the Manager at the annualized rate of 0.475% on the first $500 million
of average daily net assets of the Portfolio; 0.45% on the next $1 billion;
0.425% on the next $1 billion; and 0.40% on amounts thereafter, plus 2% of the
Portfolio's total investment income calculated in accordance with generally
accepted accounting principles, adjusted daily for currency revaluations, on a
mark to market basis, of the Portfolio's assets; provided, however, that during
any fiscal year this amount shall not exceed 2% of the Portfolio's total
investment income calculated in accordance with generally accepted accounting
principles. 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, serves as the Funds' distributor. The Funds offer 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 Funds' 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 the
following sales charges: $1,501 for the GT Global Government Income Fund,
$30,238 for the GT Global High Income Fund, and $13,334 for the GT Global
Strategic Income Fund. Purchases of Class A shares exceeding $500,000 may be
subject to a contingent deferred sales charge ("CDSC") upon redemption, in
accordance with the Funds' current prospectus. GT Global collected CDSCs for the
period ended April 30, 1998, as follows: $1,119 for the GT Global Strategic
Income Fund. 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 Funds' current
prospectus. For the period ended April 30, 1998, GT Global collected CDSCs in
the amount of: $443,566 for the GT Global Government Income Fund, $520,304 for
the GT Global High Income Fund, and $815,729 for the GT Global Strategic Income
Fund. In addition, GT Global makes

F32
<PAGE>
AIM GLOBAL INCOME FUNDS
(FORMERLY GT GLOBAL INCOME FUNDS)

ongoing shareholder servicing and trail commission payments to dealers whose
clients hold Class B shares.

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 Funds'
Class A shares ("Class A Plan") and Class B shares ("Class B Plan"), a Fund
reimbursed GT Global for a portion of its shareholder servicing and
distributions expenses. Under that Class A Plan, a 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 0.35% 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 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 Fund's Class B Plan, a
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 each GT Global
Government Income Fund, GT Global High Income Fund and GT Global Strategic
Income Fund's expenses (exclusive of brokerage commissions, taxes, interest, and
extraordinary expense) to the maximum 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. 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 LGT and GT Global, is the transfer agent of the Funds. 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 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 Funds and Portfolio. The
monthly fee for these services to the Manager is a percentage, not to exceed
0.03% annually, of a Fund or Portfolio'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 each Fund's average daily
net assets.

The Company pays each of its Directors who is not an employee, officer or
director of the Manager or any other affiliated company, $5,000 per year plus
$300 for each meeting of the board or any committee thereof attended by the
Director. Each Portfolio pays each of its Trustees who is not an employee,
officer, or director of the Manager, GT Global or GT Services $500 per year plus
$150 for each meeting of the board or any committee thereof attended by the
Trustees.

3. PURCHASES AND SALES OF SECURITIES
The following summarizes purchases and sales of investment securities, other
than short-term investments, by each Fund or Portfolio for the period ended
April 30, 1998:

PURCHASES AND SALES OF SECURITIES

<TABLE>
<CAPTION>
PURCHASES
--------------------------------------------
U.S. GOVERNMENT AND
PORTFOLIO GOVERNMENT AGENCIES OTHER ISSUES
- ---------------------------------------- ------------------------- -----------------
<S> <C> <C>
GT Global Government Income Fund........ $ 133,735,073 $ 128,648,284
Global High Income Portfolio............ -- 379,500,657
GT Global Strategic Income Fund......... 187,793,767 270,132,637
</TABLE>

<TABLE>
<CAPTION>
SALES
--------------------------------------------
U.S. GOVERNMENT AND
PORTFOLIO GOVERNMENT AGENCIES OTHER ISSUES
- ---------------------------------------- ------------------------- -----------------
<S> <C> <C>
GT Global Government Income Fund........ $ 139,465,563 $ 124,729,282
Global High Income Portfolio............ 27,908,116 343,049,255
GT Global Strategic Income Fund......... 189,918,004 288,987,174
</TABLE>

F33
<PAGE>
AIM GLOBAL INCOME FUNDS
(FORMERLY GT GLOBAL INCOME FUNDS)

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, 400,000,000 were classified as
shares of the GT Global Telecommunications 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 Latin America Growth Fund; 200,000,000 were classified as shares of GT
Global Emerging Markets Fund; 200,000,000 were classified as shares of GT Global
High Income 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 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:

CAPITAL SHARE TRANSACTIONS

GT GLOBAL GOVERNMENT INCOME FUND
<TABLE>
<CAPTION>
SIX MONTHS ENDED
APRIL 30, 1998 YEAR ENDED
(UNAUDITED) OCTOBER 31, 1997
----------------------------------- -----------------------------------
CLASS A SHARES AMOUNT SHARES AMOUNT
- ---------------------------------------- --------------- ------------------ --------------- ------------------
<S> <C> <C> <C> <C>
Shares sold............................. 49,640,287 $ 429,719,475 48,767,558 $ 419,503,866
Shares issued in connection with
reinvestment of distributions......... 287,743 2,491,642 741,916 6,372,599
--------------- ------------------ --------------- ------------------
49,928,030 432,211,117 49,509,474 425,876,465
Shares repurchased...................... (52,874,140) (457,771,262) (59,180,268) (509,133,563)
--------------- ------------------ --------------- ------------------
Net decrease............................ (2,946,110) $ (25,560,145) (9,670,794) $ (83,257,098)
--------------- ------------------ --------------- ------------------
--------------- ------------------ --------------- ------------------

CLASS B
- ----------------------------------------
<S> <C> <C> <C> <C>
Shares sold............................. 17,961,751 $ 155,476,178 27,713,479 $ 237,734,254
Shares issued in connection with
reinvestment of distributions......... 177,734 1,539,092 452,575 3,886,536
--------------- ------------------ --------------- ------------------
18,139,485 157,015,270 28,166,054 241,620,790
Shares repurchased...................... (21,223,134) (183,485,262) (32,406,087) (278,645,805)
--------------- ------------------ --------------- ------------------
Net decrease............................ (3,083,649) $ (26,469,992) (4,240,033) $ (37,025,015)
--------------- ------------------ --------------- ------------------
--------------- ------------------ --------------- ------------------
<CAPTION>

ADVISOR CLASS
- ----------------------------------------
<S> <C> <C> <C> <C>
Shares sold............................. 306,611 $ 2,655,164 4,551 $ 38,769
Shares issued in connection with
reinvestment of distributions......... 1,290 11,183 680 5,804
--------------- ------------------ --------------- ------------------
307,901 2,666,347 5,231 44,573
Shares repurchased...................... (298,911) (2,576,573) (1,717) (14,773)
--------------- ------------------ --------------- ------------------
Net increase............................ 8,990 $ 89,774 3,514 $ 29,800
--------------- ------------------ --------------- ------------------
--------------- ------------------ --------------- ------------------
</TABLE>

F34
<PAGE>
AIM GLOBAL INCOME FUNDS
(FORMERLY GT GLOBAL INCOME FUNDS)

GT GLOBAL HIGH INCOME FUND
<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............................. 4,475,750 $ 60,464,937 17,142,418 $ 272,139,950
Shares issued in connection with
reinvestment of distributions......... 1,842,696 23,121,404 574,707 9,164,383
------------- ---------------- --------------- ------------------
6,318,446 83,586,341 17,717,125 281,304,333
Shares repurchased...................... (4,970,234) (66,962,848) (21,118,898) (335,756,037)
------------- ---------------- --------------- ------------------
Net increase (decrease)................. 1,348,212 $ 16,623,493 (3,401,773) $ (54,451,704)
------------- ---------------- --------------- ------------------
------------- ---------------- --------------- ------------------

CLASS B
- ----------------------------------------
<S> <C> <C> <C> <C>
Shares sold............................. 3,832,158 $ 51,750,586 13,848,218 $ 221,702,040
Shares issued in connection with
reinvestment of distributions......... 2,557,448 32,030,312 721,148 11,494,889
------------- ---------------- --------------- ------------------
6,389,606 83,780,898 14,569,366 233,196,929
Shares repurchased...................... (4,198,490) (57,090,112) (16,813,796) (270,094,630)
------------- ---------------- --------------- ------------------
Net increase (decrease)................. 2,191,116 $ 26,690,786 (2,244,430) $ (36,897,701)
------------- ---------------- --------------- ------------------
------------- ---------------- --------------- ------------------
<CAPTION>

ADVISOR CLASS
- ----------------------------------------
<S> <C> <C> <C> <C>
Shares sold............................. 422,054 $ 5,476,786 2,868,282 $ 45,874,009
Shares issued in connection with
reinvestment of distributions......... 64,250 805,629 72,440 1,148,368
------------- ---------------- --------------- ------------------
486,304 6,282,415 2,940,722 47,022,377
Shares repurchased...................... (495,918) (6,494,421) (3,732,584) (60,007,579)
------------- ---------------- --------------- ------------------
Net decrease............................ (9,614) $ (212,006) (791,862) $ (12,985,202)
------------- ---------------- --------------- ------------------
------------- ---------------- --------------- ------------------
</TABLE>

GT GLOBAL STRATEGIC INCOME FUND
<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............................. 5,949,616 $ 72,536,998 13,750,221 $ 167,009,888
Shares issued in connection with
reinvestment of distributions......... 262,369 3,187,409 615,860 7,488,021
--------------- ------------------ --------------- ------------------
6,211,985 75,724,407 14,366,081 174,497,909
Shares repurchased...................... (7,078,583) (86,175,022) (18,557,237) (225,311,673)
--------------- ------------------ --------------- ------------------
Net decrease............................ (866,598) $ (10,450,615) (4,191,156) $ (50,813,764)
--------------- ------------------ --------------- ------------------
--------------- ------------------ --------------- ------------------

CLASS B
- ----------------------------------------
<S> <C> <C> <C> <C>
Shares sold............................. 2,051,347 $ 24,855,354 11,499,580 $ 140,731,511
Shares issued in connection with
reinvestment of distributions......... 390,707 4,751,410 896,610 10,918,610
--------------- ------------------ --------------- ------------------
2,442,054 29,606,764 12,396,190 151,650,121
Shares repurchased...................... (5,194,373) (63,078,359) (17,287,235) (211,600,543)
--------------- ------------------ --------------- ------------------
Net decrease............................ (2,752,319) $ (33,471,595) (4,891,045) $ (59,950,422)
--------------- ------------------ --------------- ------------------
--------------- ------------------ --------------- ------------------
<CAPTION>

ADVISOR CLASS
- ----------------------------------------
<S> <C> <C> <C> <C>
Shares sold............................. 304,802 $ 3,731,180 712,165 $ 8,839,212
Shares issued in connection with
reinvestment of distributions......... 2,226 27,114 3,581 43,784
--------------- ------------------ --------------- ------------------
307,028 3,758,294 715,746 8,882,996
Shares repurchased...................... (288,256) (3,552,960) (712,116) (8,911,324)
--------------- ------------------ --------------- ------------------
Net increase (decrease)................. 18,772 $ 205,334 3,630 $ (28,328)
--------------- ------------------ --------------- ------------------
--------------- ------------------ --------------- ------------------
</TABLE>

F35
<PAGE>
AIM GLOBAL INCOME FUNDS
(FORMERLY GT GLOBAL INCOME FUNDS)

5. WRITTEN OPTIONS:
The GT Global Government Income Fund's written options contract activity for the
six months ended April 30, 1998 was as follows:

COVERED CALL AND PUT OPTIONS WRITTEN

<TABLE>
<CAPTION>
UNDERLYING
NOMINAL
AMOUNT IN
GT GLOBAL GOVERNMENT INCOME FUND USD PREMIUMS
- ---------------------------------------- ----------- ---------
<S> <C> <C>
Options outstanding at October 31,
1997.................................. $4,840,000 $ 44,673
Options written......................... 35,488,342 182,826
Options cancelled in closing purchase
transactions.......................... -- --
Options expired prior to exercise....... (40,328,342) (227,499)
Options exercised....................... -- --
----------- ---------
Options outstanding at April 30, 1998... $ -- $ --
----------- ---------
----------- ---------
</TABLE>

6. 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 Funds and INVESCO (NY), Inc. became the
sub-adviser and sub-administrator of the Funds. In addition, A I M Distributors,
Inc. replaced GT Global, Inc. as the Fund's principal underwriter and the Funds
became subject to compensation-type Rule 12b-1 plans of distribution, which
replaced the Funds' 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.

F36
<PAGE>

AIM GLOBAL INCOME FUNDS

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 AMERICAN 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 & 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 the 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.

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AIM Distributors, Inc.
Fifty California Street
27th Floor
San Francisco, CA
94111-4624

DATED MATERIAL PLEASE EXPEDITE