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

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

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<PAGE>
S

/ /
AIM GLOBAL
GROWTH &
INCOME FUND
FORMERLY GT GLOBAL
GROWTH & INCOME FUND

/ /
SEMIANNUAL REPORT
APRIL 30, 1998

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

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

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

Financial
Statements........... F1

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

AIM GLOBAL GROWTH & INCOME FUND
MESSAGE FROM THE CHAIRMEN

Dear Fellow Shareholder,

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

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

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

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

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

Sincerely,

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

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

1
- - - -
<PAGE>

[PICTURE]

INVESTMENT OBJECTIVE

The Fund seeks long-term capital appreciation and current income. In an effort
to meet both objectives, the Fund invests primarily in stock of blue-chip
companies and high-quality government bonds from around the world.

AIM GLOBAL GROWTH & INCOME FUND
PERFORMANCE SUMMARY

AIM Global Growth JP Morgan Global Government MSCI World
& Income Fund Bond Index Index
Class A Shares

9/25/90 9525 10000 10000
9525 10045 9678
9545 10443 10583
9625 10625 10412
9712 10744 10632
10015 10987 11023
10338 10997 12045
10314 10653 11692
10560 10781 11785
10826 10791 12054
10417 10647 11312
10895 10872 11848
11040 11098 11813
11188 11503 12124
11041 11616 12323
10852 11806 11788
11571 12402 12648
11401 12159 12416
11529 12124 12204
11314 12012 11631
11637 12112 11795
12048 12456 12267
11981 12796 11858
11938 13078 11891
11916 13426 12182
11758 13412 12072
11691 13077 11748
11647 12846 11960
11869 12967 12059
12004 13187 12101
12475 13399 12390
12812 13605 13111
12903 13853 13721
13084 13941 14039
13197 13952 13924
13519 13958 14213
14070 14371 14867
14046 14523 14595
14627 14516 14999
14418 14410 14153
15117 14557 14848
15610 14694 15830
14905 14533 15627
14382 14466 14956
14573 14455 15421
14430 14336 15464
14309 14506 15423
7/31/94 14718 14642 15719
14982 14604 16195
14721 14677 15773
15086 14897 16224
14600 14709 15524
14577 14743 15677
14430 15042 15444
14676 15429 15672
14722 16214 16431
15093 16473 17007
15465 16933 17156
15384 17038 17154
15834 17119 18015
15459 16643 17617
15855 17018 18134
16032 17184 17852
16310 17376 18475
16810 17591 19018
16939 17410 19366
17016 17309 19487
17087 17282 19815
17217 17218 20285
17502 17236 20306
17575 17387 20412
17367 17707 19695
17863 17780 19925
18145 17878 20709
18725 18233 20857
19515 18493 22029
19671 18365 21680
19565 17905 21945
19857 17781 22201
19907 17646 21766
20041 17547 22481
20897 17961 23873
21453 18165 25068
22261 18098 26226
21318 18076 24475
22582 18477 25809
22284 18869 24454
22528 18643 24891
23244 18622 25198
23411 18809 25905
24831 18949 27661
25827 18806 28833
4/30/98 25942 19095 28023

The chart above shows performance of the AIM Global Growth & Income Fund Class A
shares since inception versus its various indices. This represents a cumulative
return of 159.42% and an average annual total return of 13.37% 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 5.50% sales charge. A
$10,000 investment in the Fund's Class B shares at inception on October 22,
1992, would have been valued at $21,503 on April 30, 1998. This figure reflects
all Fund expenses and the applicable contingent deferred sales charge (5% in the
first year, decreasing to 0% after six years), assuming a 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 $16,952 on April 30, 1998.

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

SHARE CLASS WITHOUT SALES CHARGE (2) WITH SALES CHARGE
1-YEAR 5-YEAR LIFE OF FUND 1-YEAR 5-YEAR LIFE OF FUND
<S> <C> <C> <C> <C> <C> <C>
CLASS A (3) 30.55 15.19 14.23 23.31 13.89 13.37
CLASS B (3) 29.68 14.48 14.97 24.68 14.24 14.88
ADVISOR CLASS (4) 30.79 N/A 19.85 N/A N/A N/A
</TABLE>

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

1990 1991 1992 1993 1994 1995 1996 1997
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CLASS A 1.97 (3) 19.14 2.58 27.36 -3.57 15.32 17.02 18.16
CLASS B N/A N/A 1.17 (3) 27.04 -4.19 14.56 16.10 17.46
</TABLE>

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

(2) Performance data do not reflect the maximum 5.50% sales charge or the
contingent deferred sales charge for Class A and Class B shares,
respectively, which, if included, would have reduced performance quoted.

(3) The Fund began operations for Class A Shares on September 25, 1990; 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 advisor may waive some fees and/or
reimburse some expenses, without which performance would be lower. Waivers and
reimbursements are subject to change.

2
- - - -
<PAGE>

INTERVIEW WITH THE MANAGEMENT TEAM

Q HOW DID THE FUND PERFORM?

A Against a very supportive global market background, the Fund continued
to perform well, ending the six-month period to April 30, 1998, with a total
return of 17.41% for Class A shares (10.93% including the maximum 5.50% sales
charge) and 16.97% for Class B shares (11.97% including the maximum 5%
contingent deferred sales charge). Total return over the same period was
18.86% for the Morgan Stanley Capital International (MSCI) World Index (5)
and 1.20% for the J.P. Morgan Global Government Bond Index. (6)

Overall, the Fund performed nearly in line with the MSCI World Index. Relative
to the J.P. Morgan Global Government Bond Index, however, the Fund outperformed
as a result of its equity allocation.

Q WHAT MAIN FACTORS CONTRIBUTED TO STRONG FUND PERFORMANCE ON THE EQUITY
SIDE?

A Financial markets across the U.S., the UK and continental Europe rallied to
new highs. Disinflation remained a key theme as did a continuing wave of merger
and acquisition activity. Meanwhile, euphoria over the approach to European
Economic and Monetary Union (EMU) boosted returns of continental exchanges.

In general, large companies with pricing power continued to outperform during
the review period. Another, and not entirely unrelated, trend that remained
evident in continental Europe was the growing popularity of the Anglo-American
approach to business, which focuses on increasing shareholder value through
share repurchases.

Q HAVE YOU MADE ANY CHANGES IN YOUR INVESTMENT APPROACH OVER THE SIX-MONTH
PERIOD?

A While our basic criteria for picking equity securities has not changed, we
are increasingly looking at the Fund's equity exposure to sector or industry
types rather than purely on a geographical basis. This approach broadly
encompasses three category groups: interest rate-sensitive stocks; defensives
(such as consumer staples, pharmaceuticals, health care, retailers and service
providers); and industrial cyclicals (capital goods).

No significant changes took place over the period. The Fund continued to
benefit from being considerably overweighted in financial stocks, which have
enjoyed a global bull market for some time on the back of a rally in the U.S.
long bond. The merger activity we've seen in U.S. financial companies is also

TOTAL EUROPEAN M&A VOLUME, 1988-97

1988 148
1989 215
1990 243
1991 180
1992 170
1993 170
1994 164
1995 279
1996 344
1997 508

WE BELIEVE CORPORATE MERGER AND ACQUISITION ACTIVITY WILL BE ONE OF THE MAIN
DRIVERS OF IMPROVED CORPORATE PROFITABILITY IN EUROPE. THE VOLUME OF M&A
ACTIVITY REACHED NEW LEVELS IN 1997 AND WE BELIEVE IT WILL CONTINUE.
Source: J.P. Morgan, February 1998.

beginning to spill over into the rest of the world, which has buoyed Fund
returns. Share prices of European financials, in particular, have rallied on the
back of consolidation activity and falling interest rates.

We've recently begun to take some profits out of financial services companies in
several European markets (Germany in particular) where we feel valuations have
become stretched; this exposure has been reallocated to consumer defensive
companies. In the

CONTINUED P.4

(5) MSCI World Index is a market value-weighted average of the performance of
1,578 securities listed on major world stock exchanges-the U.S., Europe,
Canada, Australia, New Zealand and the Far East. It includes the effect of
reinvested dividends and is measured in U.S. dollars.

(6) 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.

3
- - - -
<PAGE>

INTERVIEW WITH THE PORTFOLIO MANAGERS CONTINUED

U.S., for example, we recently purchased Kellogg, Anheuser Busch and Clorox.
These blue-chip companies have above-average dividend yields and are positioned
in very defensive, consumer branded-goods sectors of the world economy. Growth
in these sectors may not be dramatic, but is unlikely to disappear. While these
companies may not be very exciting, we feel they are stable.

As a result of these most recent changes, the U.S. portion of the portfolio
edged up modestly. The U.S. is home to a higher number of exceptional global
consumer branded-goods companies but, again, our thinking is more and more about
industry exposure and less about geographical orientation.

Additionally, the Fund has continued to be very underweighted in capital goods
companies, which have borne much of the brunt of the Asian crisis. Although many
of their share prices have recently strengthened a bit, we do not think this
trend is likely to continue.

Other areas the Fund has had little significant exposure to include European
pharmaceuticals and telecommunications companies. In the case of
pharmaceuticals, while many of these companies have done well, their dividend
yields are virtually non-existent and therefore not in line with the Fund's
investment discipline. Telecommunications companies have also performed well;
however, we believe margins continue to be under pressure, and we find other
investment areas more attractive.

Q WHICH COMPANIES PERFORMED EXCEPTIONALLY WELL FOR THE FUND?

A The ongoing consolidation story and focus on shareholder value throughout
Europe provided a big boost to the Fund. Among its equity holdings benefiting
from both this trend and a favorable interest rate environment are Swiss Bank
Corp., Union Bank of Switzerland and Credit Suisse Group in Switzerland, and
AEGON in the Netherlands. In the U.S., Bristol Meyers Squibb has enjoyed strong
returns on the back of general large cap buoyancy.

Q WHAT ARE YOUR BASIC BUY/SELL CRITERIA
FOR EQUITIES?

A While we employ a number of criteria to value securities, our primary
buy/sell discipline centers on dividend yield. As such, only stocks offering a
dividend yield above the average for the MSCI World Index during their most
recent fiscal year are eligible for inclusion in the portfolio. Similarly, we
sell stocks once their dividend yields fall below average.

As of April, the average yield on the MSCI was about 1.6%, which means we will
not buy securities with a dividend yield less than 1.6%. To put this in
perspective, 46% of the 2,500 stocks in the MSCI universe offer an above-average
dividend, which means we are looking at 1,150 stocks as a starting universe.

Q WHAT ACCOUNTS FOR YOUR LARGE EXPOSURE TO THE UK AND THE NETHERLANDS?

A We feel the UK is the closest equivalent to the U.S. market outside the
U.S. Like the U.S., the UK is home to many world-class companies. Valuations,
however, are significantly more attractive than those of U.S. counterparts.

We like a number of things about companies in the Netherlands. Corporate culture
is very important to Dutch companies, and many have outstanding records for
creating wealth for investors. Valuations are also reasonable. Additionally, the
Netherlands is one of two markets in Europe where significant acquisitions have
taken place in the financial services industry. The Fund currently holds several
very attractive companies in this area.

Q HOW ARE YOU POSITIONING THE FUND'S EQUITY PORTION WITH RESPECT TO EUROPEAN
ECONOMIC AND MONETARY UNION (EMU)?

A We have not really taken a position on a country-by-country basis. Instead,
in a modest way we have been gearing up for EMU through our large holdings in
European financial companies. We expect to see considerable economies of scale
once one currency is in place, and we anticipate many more mergers in the
banking and insurance industries.

Q HOW ARE YOU POSITIONING THE FUND'S BOND EXPOSURE?

A We remain positive on the outlook for bonds and continue to emphasize U.S.
Treasuries, which represented over 11% of total net assets at April 30, 1998.
Although economic growth in the U.S. remains robust, we expect the underlying
rate of inflation will be around 1.5% over the next year or so. Under the
current economic conditions, we see no need for the Federal Reserve to tighten
monetary policy anytime soon.

CONTINUED P.5

4
- - - -
<PAGE>

INTERVIEW WITH THE PORTFOLIO MANAGERS CONTINUED

Our view on the UK has not changed. We believe UK bonds will continue to perform
reasonably well and currently intend to keep some 3% of the Fund in Gilts (UK
government bonds). We feel interest rates in the UK are at a peak, although we
recognize that the next reduction may well be some months away.

We also do not expect inflation to pose a significant problem, even though the
underlying rate of inflation in the UK rose from 2.6% to 3% in April and,
therefore, above the 2.5% target set by the Bank of England. Several of the more
hawkish members of the Bank's Monetary Policy Committee have publicly drawn
attention to the slowdown in the UK economy. Additionally, we anticipate the
weakness in Europe and low inflationary environment elsewhere around the world
will put some downward pressure on UK rates.

Clearly, as the European Economic and Monetary Union comes into being and the
likelihood of UK membership increases, the current yield spread of around 90-120
basis points should diminish. Equally, if EMU becomes derailed, then we believe
the UK spread over Germany could provide investors with a protective cushion to
fall back on.

Q WHAT IS YOUR OUTLOOK FOR OTHER
BOND MARKETS?

A Canada, like the UK, is a country characterized by low inflation and a
fiscally responsible government, and we currently plan to retain our modest
exposure.

Except for selected issues, such as long-dated German Bunds and short-dated
Italian bonds, continental European bonds appear fully valued. We believe
European bond investors are taking the most optimistic view possible of the move
towards EMU through the second half of 1998. On the other hand, we see the
recent strength of the currencies participating in EMU as a transitional phase.

We continue to avoid Japanese government bonds. Both nominal and real yields
have fallen to very low levels in spite of the deterioration of the government's
fiscal position and the very high probability that the yen will weaken further.
In order to compete with other bond markets, the Japanese market would need to
continue to rally. Given the very low levels, we think this is unlikely and find
more attractive opportunities elsewhere.

SECTOR ALLOCATION OF NET ASSETS%
APRIL 30, 1998

EQUITY
Finance 32.7
Consumer Non-Durables 15.3
Energy 12.5
Services 9.6
Health Care 4.5
Materials/Basic Industry 2.8
Capital Goods 0.9
Multi Industry/Misc. 0.4

FIXED INCOME INVESTMENTS
Gov't & Gov't Agency Obligations 19.4
Corporate Bonds 1.6
Other 0.3

5
- - - -
<PAGE>

GEOGRAPHIC ALLOCATION OF NET ASSETS

Australia/NZ 6.6%
Germany 8.2%
United Kingdom 21.1%
Other Europe 31.2%
North America & Other 32.9%

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

% of
AIM GLOBAL GROWTH & INCOME FUND(7) Country Net Assets

KEY EQUITY HOLDINGS

BRISTOL MYERS SQUIBB CO. This well-established U.S. 3.5
company offers a wide range of prescription and
non-prescription drugs, medical devices, health
and skin care products, toiletries and beauty aids.

SWISS BANK CORP. Offering a broad range of Switzerland 3.1
banking operations, including foreign exchange
and bank note dealings, precious metal trading,
mortgages and building loans, Swiss Bank has
operations throughout Switzerland and an extensive
network of international subsidiaries.

AEGON NV This Netherlands-based international Netherlands 2.9
insurance group primarily writes life and health
insurance, and offers related pension, savings
and investment products in Europe, North America
and the Caribbean.

CREDIT SUISSE GROUP Through its four business Switzerland 2.8
units and Winterthur the Group provides universal
bank services in Switzerland, investment, trust
and management services and insurance worldwide.

ROYAL & SUN ALLIANCE INSURANCE GROUP PLC The UK 2.7
holding company for the multi-national insurance
companies Sun Alliance Group PLC and Royal
Insurance Holdings.

ABN AMRO HOLDING NV The bank offers a variety Netherlands 2.5
of financial services, including payment, lending,
corporate finance, leasing, treasury, private
banking, trade and commodity finance, insurance
and investment services.

ROYAL DUTCH PETROLEUM CO. One of the largest Netherlands 2.4
oil companies worldwide, Royal Dutch is a key
player in the energy industry, both within Europe
and on a global basis. Its success is based on a
proven track record of exploration, together with
well-run marketing and chemical activities.

CADBURY SCHWEPPES PLC Cadbury manufactures and UK 2.4
sells beverages and confectionery products, such
as chocolates and candy, as well as soft drinks
and other beverages through wholesale and retail
outlets internationally.

DIAGEO PLC Diageo has operations in food, UK 2.4
alcoholic beverages, fast food restaurants and
property management. The company owns Burger King
restaurants, and markets food products under the
Pillsbury, Haagen Dazs, and Green Giant brand names.

RECKITT & COLMAN PLC The company manufactures and UK 2.3
distributes a wide range of household, toiletry
and pharmaceutical products in the United Kingdom,
North America, Latin America, Europe, Australia,
Asia and Africa.

Source: Bloomberg, April 1998.
(7) There is no assurance the Fund will continue to hold these or any other
securities mentioned in this report.

6
- - - -
<PAGE>
AIM GLOBAL
GROWTH &
INCOME FUND
(FORMERLY
GT GLOBAL
GROWTH &
INCOME FUND)

FINANCIAL
STATEMENTS
<PAGE>
AIM GLOBAL GROWTH & INCOME FUND
(FORMERLY GT GLOBAL GROWTH & INCOME FUND)

PORTFOLIO OF INVESTMENTS

April 30, 1998 (Unaudited)

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

<TABLE>
<CAPTION>
VALUE % OF NET
EQUITY INVESTMENTS COUNTRY SHARES (NOTE 1) ASSETS
- ---------------------------------------------------------- -------- -------------- ------------ -------------
<S> <C> <C> <C> <C>
Finance (32.7%)
Schweizerischer Bankverein (Swiss Bank Corp.) .......... SWTZ 74,750 $ 25,964,898 3.1
BANKS-MONEY CENTER
AEGON N.V. ............................................. NETH 187,875 24,372,772 2.9
INSURANCE-LIFE
Credit Suisse Group .................................... SWTZ 108,300 23,827,589 2.8
BANKS-MONEY CENTER
Royal & Sun Alliance Insurance Group PLC ............... UK 2,081,400 23,250,421 2.7
INSURANCE - MULTI-LINE
ABN AMRO Holding N.V. .................................. NETH 891,296 21,713,093 2.5
BANKS-MONEY CENTER
Union Bank of Switzerland - Bearer ..................... SWTZ 11,752 18,929,817 2.2
BANKS-MONEY CENTER
ING Groep N.V. ......................................... NETH 264,262 17,180,432 2.0
BANKS-MONEY CENTER
First Tennessee National Corp. ......................... US 490,800 16,901,925 2.0
BANKS-REGIONAL
Fortis Amev N.V. ....................................... NETH 244,011 14,281,095 1.7
OTHER FINANCIAL
American General Corp. ................................. US 170,000 11,326,250 1.3
INSURANCE-LIFE
Lloyds TSB Group PLC ................................... UK 688,428 10,309,152 1.2
BANKS-REGIONAL
National Westminster Bank PLC .......................... UK 471,800 9,443,890 1.1
BANKS-MONEY CENTER
General Accident PLC ................................... UK 400,000 9,404,682 1.1
INSURANCE - PROPERTY-CASUALTY
IKB Deutsche Industriebank AG .......................... GER 394,000 8,620,123 1.0
BANKS-REGIONAL
Generale de Banque S.A.: ............................... BEL -- -- 1.0
BANKS-MONEY CENTER
Common ............................................... -- 14,762 8,534,275 --
Strip VVPR-/- ........................................ -- 1,342 254 --
Kredietbank N.V. ....................................... BEL 12,980 7,328,524 0.9
BANKS-REGIONAL
Commercial Union PLC ................................... UK 361,550 6,765,459 0.8
INSURANCE - MULTI-LINE
Commonwealth Bank of Australia ......................... AUSL 526,000 6,304,056 0.7
BANKS-SUPER REGIONAL
M & G Group PLC ........................................ UK 155,000 4,762,751 0.6
INVESTMENT MANAGEMENT
General Property Trust ................................. AUSL 1,444,125 2,679,354 0.3
REAL ESTATE
Reinsurance Australia Corporation Ltd. ................. AUSL 846,250 2,357,887 0.3
INSURANCE - MULTI-LINE
Infrastructure Trust of Australia Group ................ AUSL 2,724,750 2,341,430 0.3
OTHER FINANCIAL
National Australia Bank Ltd. ........................... AUSL 120,725 1,713,303 0.2
BANKS-REGIONAL
</TABLE>

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

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

PORTFOLIO OF INVESTMENTS (cont'd)

April 30, 1998 (Unaudited)

- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE % OF NET
EQUITY INVESTMENTS COUNTRY SHARES (NOTE 1) ASSETS
- ---------------------------------------------------------- -------- -------------- ------------ -------------
<S> <C> <C> <C> <C>
Finance (Continued)
Realty Development Corp. "A" ........................... HK 5,000 $ 11,168 --
REAL ESTATE
------------
278,324,600
------------
Consumer Non-Durables (15.3%)
Cadbury Schweppes PLC .................................. UK 1,381,800 20,149,324 2.4
BEVERAGES - NON-ALCOHOLIC
Diageo PLC ............................................. UK 1,684,559 20,056,957 2.4
BEVERAGES - ALCOHOLIC
Reckitt & Colman PLC ................................... UK 983,093 19,809,817 2.3
HOUSEHOLD PRODUCTS
Avon Products, Inc. .................................... US 182,000 14,958,125 1.8
PERSONAL CARE/COSMETICS
Pernod Ricard .......................................... FR 158,720 10,959,867 1.3
BEVERAGES - ALCOHOLIC
Philip Morris Cos., Inc. ............................... US 255,000 9,514,688 1.1
TOBACCO
Kellogg Co. ............................................ US 219,513 9,054,911 1.1
FOOD
Clorox Co. ............................................. US 105,960 8,887,395 1.0
HOUSEHOLD PRODUCTS
Anheuser-Busch Cos., Inc. .............................. US 188,371 8,629,746 1.0
BEVERAGES - ALCOHOLIC
Brown-Forman Corp. "B" ................................. US 93,600 5,300,100 0.6
BEVERAGES - ALCOHOLIC
Universal Corp. ........................................ US 62,075 2,323,933 0.3
TOBACCO
------------
129,644,863
------------
Energy (12.5%)
Royal Dutch Petroleum Co. .............................. NETH 371,840 20,528,897 2.4
OIL
Exxon Corp. ............................................ US 182,600 13,318,388 1.6
OIL
VEBA AG ................................................ GER 170,200 11,251,795 1.3
ELECTRICAL & GAS UTILITIES
Mobil Corp. ............................................ US 127,600 10,080,400 1.2
OIL
Electrabel S.A. ........................................ BEL 34,760 9,241,630 1.1
ELECTRICAL & GAS UTILITIES
Shell Transport & Trading Co., PLC ..................... UK 1,121,700 8,347,099 1.0
OIL
PG&E Corp. ............................................. US 220,000 7,122,500 0.8
ELECTRICAL & GAS UTILITIES
Reunies Electrobel & Tractebel S.A. .................... BEL 57,935 6,933,773 0.8
ELECTRICAL & GAS UTILITIES
Elf Aquitaine .......................................... FR 52,475 6,888,981 0.8
OIL
</TABLE>

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

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

PORTFOLIO OF INVESTMENTS (cont'd)

April 30, 1998 (Unaudited)

- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE % OF NET
EQUITY INVESTMENTS COUNTRY SHARES (NOTE 1) ASSETS
- ---------------------------------------------------------- -------- -------------- ------------ -------------
<S> <C> <C> <C> <C>
Energy (Continued)
RWE AG ................................................. GER 134,620 $ 6,851,062 0.8
ELECTRICAL & GAS UTILITIES
Groupe Bruxelles Lambert S.A. .......................... BEL 31,025 6,201,140 0.7
OIL
------------
106,765,665
------------
Services (9.6%)
Telecom Corporation of New Zealand Limited: ............ NZ -- -- 1.7
TELEPHONE NETWORKS
Common ............................................... -- 2,614,200 12,405,045 --
ADR{\/} .............................................. -- 38,000 1,455,875 --
McGraw-Hill, Inc. ...................................... US 162,000 12,544,875 1.5
BROADCASTING & PUBLISHING
EMI Group PLC .......................................... UK 887,600 9,017,007 1.1
LEISURE & TOURISM
Reuters Group PLC ...................................... UK 823,020 8,918,344 1.0
BROADCASTING & PUBLISHING
Elsevier N.V. .......................................... NETH 557,255 8,415,665 1.0
BROADCASTING & PUBLISHING
Woolworths Ltd. ........................................ AUSL 2,021,925 6,949,915 0.8
RETAILERS-OTHER
Royal PTT Nederland N.V. ............................... NETH 112,735 5,827,656 0.7
TELEPHONE NETWORKS
PMP Communications Ltd. ................................ AUSL 2,556,250 4,543,039 0.5
BROADCASTING & PUBLISHING
Qantas Airways Ltd. .................................... AUSL 2,781,250 4,236,785 0.5
TRANSPORTATION - AIRLINES
Dun & Bradstreet Corp. ................................. US 109,800 3,897,893 0.5
BROADCASTING & PUBLISHING
Telstra Corp. Ltd. - Installment Receipts .............. AUSL 1,262,200 2,958,089 0.3
TELEPHONE NETWORKS
------------
81,170,188
------------
Health Care (4.5%)
Bristol Myers Squibb Co. ............................... US 277,400 29,369,725 3.5
PHARMACEUTICALS
Bayer AG ............................................... GER 191,600 8,522,676 1.0
PHARMACEUTICALS
------------
37,892,401
------------
Materials/Basic Industry (2.8%)
BASF AG ................................................ GER 194,000 8,640,245 1.0
CHEMICALS
Akzo Nobel N.V. ........................................ NETH 41,450 8,435,309 1.0
CHEMICALS
Solvay S.A. "A" ........................................ BEL 58,770 4,426,864 0.5
CHEMICALS
</TABLE>

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

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

PORTFOLIO OF INVESTMENTS (cont'd)

April 30, 1998 (Unaudited)

TOTAL EQUITY INVESTMENTS (cost $376,302,771) ............. 668,884,562 78.7
------------ -----
<CAPTION>

PRINCIPAL VALUE % OF NET
FIXED INCOME INVESTMENTS CURRENCY AMOUNT (NOTE 1) ASSETS
- ---------------------------------------------------------- -------- -------------- ------------ -------------
<S> <C> <C> <C> <C>
Government & Government Agency Obligations (19.4%)
Canada (1.1%)
Canadian Government, 8.75% due 12/1/05 ............... CAD 10,620,000 8,989,525 1.1
Denmark (0.6%)
Kingdom of Denmark, 7% due 11/15/07 .................. DKK 31,100,000 5,133,173 0.6
Germany (2.4%)
Deutschland Republic:
6.25% due 1/4/24 ................................... DEM 25,150,000 15,429,960 1.8
6.25% due 4/26/06 .................................. DEM 8,110,000 4,906,234 0.6
Italy (1.2%)
Italian Buoni Poliennali del Tesoro (BTPS), 6% due
2/15/00 ............................................. ITL 18,365,000,000 10,621,560 1.2
New Zealand (0.3%)
New Zealand Government, 8% due 4/15/04 ............... NZD 4,440,000 2,564,101 0.3
United Kingdom (2.5%)
United Kingdom Government Bond, 8% due 6/7/21 ........ GBP 9,800,000 21,017,559 2.5
United States (11.3%)
United States Treasury:
6.5% due 8/15/05 ................................... USD 52,130,000 54,437,159 6.4
6% due 2/15/26 ..................................... USD 33,430,000 33,356,220 3.9
5.625% due 2/28/01 ................................. USD 8,100,000 8,101,582 1.0
------------
Total Government & Government Agency Obligations
(cost $160,419,537) ..................................... 164,557,073
------------
Corporate Bonds (1.6%)
Germany (0.7%)
Commerzbank AG, Convertible Bond, 8.4% due
12/31/00+ ........................................... DEM 3,274,000 5,935,722 0.7
</TABLE>

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

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

PORTFOLIO OF INVESTMENTS (cont'd)

April 30, 1998 (Unaudited)

- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL VALUE % OF NET
FIXED INCOME INVESTMENTS CURRENCY AMOUNT (NOTE 1) ASSETS
- ---------------------------------------------------------- -------- -------------- ------------ -------------
<S> <C> <C> <C> <C>
Corporate Bonds (Continued)
United Kingdom (0.9%)
Daily Mail & General Trust, Convertible Bond, 5.75%
due 9/26/03 ......................................... GBP 3,405,000 $ 7,544,523 0.9
------------
Total Corporate Bonds (cost $8,756,515) .................. 13,480,245
------------ -----

TOTAL FIXED INCOME INVESTMENTS (cost $169,176,052) ....... 178,037,318 21.0
------------ -----

NO. OF VALUE % OF NET
WARRANTS COUNTRY WARRANTS (NOTE 1) ASSETS
- ---------------------------------------------------------- -------- -------------- ------------ -------------
<S> <C> <C> <C> <C>
Societe Generale Banque put warrants due 11/15/99
Tractebel (cost $0) ................................... BEL 11,587 9,715 --
------------ -----
BANKS-MONEY CENTER

TOTAL INVESTMENTS (cost $545,478,823) * ................. 846,931,595 99.7
Other Assets and Liabilities ............................. 2,557,073 0.3
------------ -----

NET ASSETS ............................................... $849,488,668 100.0
------------ -----
------------ -----
</TABLE>

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

-/- Non-income producing security.
{\/} U.S. currency denominated.
+ The coupon rate shown on floating rate note represents the rate at
period end.
* For Federal income tax purposes, cost is $546,893,380 and
appreciation (depreciation) is as follows:

<TABLE>
<S> <C>
Unrealized appreciation: $ 306,724,441
Unrealized depreciation: (6,686,226)
-------------
Net unrealized appreciation: $ 300,038,215
-------------
-------------
</TABLE>

Abbreviation:
ADR--American Depositary Receipt

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

F5
<PAGE>
AIM GLOBAL GROWTH & INCOME FUND
(FORMERLY GT GLOBAL GROWTH & INCOME FUND)

PORTFOLIO OF INVESTMENTS (cont'd)

April 30, 1998 (Unaudited)

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

<TABLE>
<CAPTION>
PERCENTAGE OF NET ASSETS {d}
-------------------------------------------
FIXED INCOME
COUNTRY (COUNTRY CODE/CURRENCY CODE) EQUITY & WARRANTS OTHER TOTAL
- -------------------------------------- ------ ------------- ---------- -----
<S> <C> <C> <C> <C>
Australia (AUSL/AUD) ................. 4.6 4.6
Belgium (BEL/BEF) .................... 5.0 5.0
Canada (CAN/CAD) ..................... 1.1 1.1
Denmark (DEN/DKK) .................... 0.6 0.6
France (FR/FRF) ...................... 2.1 2.1
Germany (GER/DEM) .................... 5.1 3.1 8.2
Italy (ITLY/ITL) ..................... 1.2 1.2
Netherlands (NETH/NLG) ............... 14.2 14.2
New Zealand (NZ/NZD) ................. 1.7 0.3 2.0
Switzerland (SWTZ/CHF) ............... 8.1 8.1
United Kingdom (UK/GBP) .............. 17.7 3.4 21.1
United States (US/USD) ............... 20.2 11.3 0.3 31.8
------ ----- --- -----
Total ............................... 78.7 21.0 0.3 100.0
------ ----- --- -----
------ ----- --- -----
</TABLE>

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

{d} Percentages indicated are based on net assets of $849,488,668.

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

F6
<PAGE>
AIM GLOBAL GROWTH & INCOME FUND
(FORMERLY GT GLOBAL GROWTH & INCOME FUND)

STATEMENT OF ASSETS
AND LIABILITIES
April 30, 1998 (Unaudited)

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

<TABLE>
<S> <C> <C>
Assets:
Investments in securities, at value (cost $545,478,823) (Note 1)........................... $846,931,595
U.S. currency................................................................. $ 109
Foreign currencies (cost $23,545,587)......................................... 23,550,489 23,550,598
-----------
Receivable for securities sold............................................................. 21,471,592
Interest receivable........................................................................ 2,781,260
Dividends and dividend withholding tax reclaims receivable................................. 2,210,071
Receivable for Fund shares sold............................................................ 2,063,804
------------
Total assets............................................................................. 899,008,920
------------
Liabilities:
Payable for loan outstanding (Note 1)...................................................... 31,902,000
Payable for securities purchased........................................................... 14,891,346
Payable for Fund shares repurchased........................................................ 1,223,889
Payable for investment management and administration fees (Note 2)......................... 684,243
Payable for service and distribution expenses (Note 2)..................................... 512,776
Payable for transfer agent fees (Note 2)................................................... 94,567
Payable for custodian fees................................................................. 77,850
Payable for printing and postage expenses.................................................. 66,438
Payable for professional fees.............................................................. 23,257
Payable for fund accounting fees (Note 2).................................................. 15,341
Payable for registration and filing fees................................................... 10,508
Payable for Directors' fees and expenses (Note 2).......................................... 2,022
Other accrued expenses..................................................................... 16,015
------------
Total liabilities........................................................................ 49,520,252
------------
Net assets................................................................................... $849,488,668
------------
------------
Class A:
Net asset value and redemption price per share ($324,300,291 DIVIDED BY 34,750,950 shares
outstanding)................................................................................ $ 9.33
------------
------------
Maximum offering price per share (100/95.25 of $9.33) *...................................... $ 9.80
------------
------------
Class B:+
Net asset value and offering price per share ($517,679,095 DIVIDED BY 55,515,498 shares
outstanding)................................................................................ $ 9.32
------------
------------
Advisor Class:
Net asset value, offering price per share, and redemption price per share ($7,509,282 DIVIDED
BY 805,076 shares outstanding).............................................................. $ 9.33
------------
------------
Net assets consist of:
Paid in capital (Note 4)................................................................... $514,353,897
Distributions in excess of net investment income........................................... (4,773,683)
Accumulated net realized gain on investments and foreign currency transactions............. 38,431,162
Net unrealized appreciation on translation of assets and liabilities in foreign
currencies................................................................................ 24,520
Net unrealized appreciation of investments................................................. 301,452,772
------------
Total -- representing net assets applicable to capital shares outstanding.................... $849,488,668
------------
------------
<FN>
- --------------
* On sales of $50,000 or more, the offering price is reduced.
+ Redemption price per share is equal to the net asset value per share less
any applicable contingent deferred sales charge.
</TABLE>

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

F7
<PAGE>
AIM GLOBAL GROWTH & INCOME FUND
(FORMERLY GT GLOBAL GROWTH & INCOME FUND)

STATEMENT OF OPERATIONS

Six months ended April 30, 1998 (Unaudited)

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

<TABLE>
<S> <C> <C>
Investment income: (Note 1)
Dividend income (net of foreign withholding tax of $607,655)............................... $ 6,272,680
Interest income............................................................................ 5,991,094
Securities lending income.................................................................. 371,976
------------
Total investment income.................................................................. 12,635,750
------------
Expenses:
Investment management and administration fees (Note 2)..................................... 3,831,231
Service and distribution expenses: (Note 2)
Class A..................................................................... $ 533,841
Class B..................................................................... 2,412,218 2,946,059
-----------
Transfer agent fees (Note 2)............................................................... 656,600
Custodian fees............................................................................. 253,400
Printing and postage expenses.............................................................. 109,505
Fund accounting fees (Note 2).............................................................. 101,780
Professional fees.......................................................................... 92,400
Registration and filing fees............................................................... 25,227
Directors' fees and expenses (Note 2)...................................................... 9,110
Other expenses (Note 1).................................................................... 126,324
------------
Total expenses before reductions......................................................... 8,151,636
------------
Expense reductions (Note 5)............................................................ (7,140)
------------
Total net expenses....................................................................... 8,144,496
------------
Net investment income........................................................................ 4,491,254
------------
Net realized and unrealized gain (loss) on investments and foreign currencies:
(Note 1)
Net realized gain on investments.............................................. 42,712,911
Net realized loss on foreign currency transactions............................ (4,570,498)
-----------
Net realized gain during the period...................................................... 38,142,413
Net change in unrealized appreciation on translation of assets and liabilities
in foreign currencies........................................................ 2,429,401
Net change in unrealized appreciation of investments.......................... 81,947,814
-----------
Net unrealized appreciation during the period............................................ 84,377,215
------------
Net realized and unrealized gain on investments and foreign currencies....................... 122,519,628
------------
Net increase in net assets resulting from operations......................................... $127,010,882
------------
------------
</TABLE>

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

F8
<PAGE>
AIM GLOBAL GROWTH & INCOME FUND
(FORMERLY GT GLOBAL GROWTH & INCOME FUND)

STATEMENT OF CHANGES IN NET ASSETS

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

<TABLE>
<CAPTION>
SIX MONTHS ENDED
APRIL 30, 1998 YEAR ENDED
(UNAUDITED) OCTOBER 31, 1997
---------------- ----------------
<S> <C> <C>
Increase in net assets
Operations:
Net investment income................................................................... $ 4,491,254 $ 16,790,846
Net realized gain on investments and foreign currency transactions...................... 38,142,413 24,005,528
Net change in unrealized appreciation (depreciation) on translation of assets and
liabilities in foreign currencies...................................................... 2,429,401 (4,059,448)
Net change in unrealized appreciation of investments.................................... 81,947,814 84,674,909
---------------- ----------------
Net increase in net assets resulting from operations.................................. 127,010,882 121,411,835
---------------- ----------------
Class A:
Distributions to shareholders: (Note 1)
From net investment income.............................................................. (1,971,816) (7,733,156)
From net realized gain on investments................................................... (5,352,371) (757,327)
In excess of net investment income...................................................... (2,095,813) --
Class B:
Distributions to shareholders: (Note 1)
From net investment income.............................................................. (2,483,340) (9,266,887)
From net realized gain on investments................................................... (8,530,046) (907,529)
In excess of net investment income...................................................... (2,639,502) --
Advisor Class:
Distributions to shareholders: (Note 1)
From net investment income.............................................................. (36,098) (125,777)
From net realized gain on investments................................................... (62,701) (12,318)
In excess of net investment income...................................................... (38,368) --
---------------- ----------------
Total distributions................................................................... (23,210,055) (18,802,994)
---------------- ----------------
Capital share transactions: (Note 4)
Increase from capital shares sold and reinvested........................................ 299,960,697 426,976,337
Decrease from capital shares repurchased................................................ (306,750,679) (450,361,754)
---------------- ----------------
Net decrease from capital share transactions.......................................... (6,789,982) (23,385,417)
---------------- ----------------
Total increase in net assets.............................................................. 97,010,845 79,223,424
Net assets:
Beginning of period..................................................................... 752,477,823 673,254,399
---------------- ----------------
End of period........................................................................... $ 849,488,668* $ 752,477,823*
---------------- ----------------
---------------- ----------------
* Includes distributions in excess of net investment income of........................... $ (4,773,683) $ --
---------------- ----------------
---------------- ----------------
</TABLE>

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

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

FINANCIAL HIGHLIGHTS

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

<TABLE>
<CAPTION>
CLASS A
-------------------------------------------------------------------------
SIX MONTHS
ENDED
APRIL 30, YEAR ENDED OCTOBER 31,
1998 ----------------------------------------------------------
(UNAUDITED) (d) 1997 (d) 1996 1995 1994 1993 (d)
------------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 8.21 $ 7.11 $ 6.35 $ 6.21 $ 6.29 $ 5.28
------------- ---------- ---------- ---------- ---------- ----------
Income from investment operations:
Net investment income................. 0.07 0.21 0.22 0.24 0.22 0.24*
Net realized and unrealized gain
(loss) on investments................ 1.32 1.12 0.82 0.13 (0.03) 1.05
------------- ---------- ---------- ---------- ---------- ----------
Net increase from investment
operations......................... 1.39 1.33 1.04 0.37 0.19 1.29
------------- ---------- ---------- ---------- ---------- ----------
Distributions to shareholders:
From net investment income............ (0.07) (0.21) (0.24) (0.22) (0.21) (0.24)
From net realized gain on
investments.......................... (0.15) (0.02) (0.04) (0.01) (0.06) --
In excess of net investment income.... (0.05) -- -- -- -- --
From sources other than net investment
income............................... -- -- -- -- -- (0.04)
------------- ---------- ---------- ---------- ---------- ----------
Total distributions................. (0.27) (0.23) (0.28) (0.23) (0.27) (0.28)
------------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period.......... $ 9.33 $ 8.21 $ 7.11 $ 6.35 $ 6.21 $ 6.29
------------- ---------- ---------- ---------- ---------- ----------
------------- ---------- ---------- ---------- ---------- ----------

Total investment return (c)............. 17.41%(b) 19.01% 16.80% 6.27% 3.14% 25.1%
Ratios and supplemental data:
Net assets, end of period (in 000's).... $ 324,300 $ 292,528 $ 286,203 $ 284,069 $ 317,847 $ 251,428
Ratio of net investment income to
average net assets..................... 1.52%(a) 2.74% 3.17% 3.85% 3.30% 3.3%*
Ratio of expenses to average net assets:
With expense reductions (Notes 1 &
5)................................... 1.66%(a) 1.50% 1.59% 1.70% 1.67% 1.8%*
Without expense reductions............ 1.66%(a) 1.64% 1.66% 1.74% N/A N/A
Portfolio turnover rate++............... 63%(a) 50% 39% 83% 117% 24%
Average commission rate per share paid
on portfolio transactions++............ $ 0.0131 $ 0.0151 $ 0.0139 N/A N/A N/A
</TABLE>

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

(a) Annualized
(b) Not annualized
(c) Total investment return does not include sales charges.
(d) These selected per share data were calculated based upon average
shares outstanding during the period.
* Includes reimbursement by Chancellor LGT Asset Management, Inc. of
Fund operating expenses of $0.005 for the year ended October 31, 1993.
Without such reimbursement, the expense ratio would have been 1.9% and
the ratio of net investment income to average net assets would have
been 3.2%.
+ Commencing June 1, 1995, the Fund began offering Advisor Class shares.
++ Portfolio turnover rate and average commission rate are calculated on
the basis of the Fund as a whole without distinguishing between the
class of shares issued.

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

F10
<PAGE>
AIM GLOBAL GROWTH & INCOME FUND
(FORMERLY GT GLOBAL GROWTH & INCOME FUND)

FINANCIAL HIGHLIGHTS (cont'd)

<TABLE>
<CAPTION>
CLASS B
-------------------------------------------------------------------------
SIX MONTHS
ENDED
APRIL 30, YEAR ENDED OCTOBER 31,
1998 ----------------------------------------------------------
(UNAUDITED) (d) 1997 (d) 1996 1995 1994 1993 (d)
------------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 8.21 $ 7.11 $ 6.35 $ 6.21 $ 6.29 $ 5.28
------------- ---------- ---------- ---------- ---------- ----------
Income from investment operations:
Net investment income................. 0.04 0.16 0.17 0.20 0.18 0.20
Net realized and unrealized gain
(loss) on investments................ 1.31 1.13 0.82 0.13 (0.03) 1.05
------------- ---------- ---------- ---------- ---------- ----------
Net increase from investment
operations......................... 1.35 1.29 0.99 0.33 0.15 1.25
------------- ---------- ---------- ---------- ---------- ----------
Distributions to shareholders:
From net investment income............ (0.04) (0.17) (0.20) (0.18) (0.17) (0.20)
From net realized gain on
investments.......................... (0.15) (0.02) (0.03) (0.01) (0.06) --
In excess of net investment income.... (0.05) -- -- -- -- --
From sources other than net investment
income............................... -- -- -- -- -- (0.04)
------------- ---------- ---------- ---------- ---------- ----------
Total distributions................. (0.24) (0.19) (0.23) (0.19) (0.23) (0.24)
------------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period.......... $ 9.32 $ 8.21 $ 7.11 $ 6.35 $ 6.21 $ 6.29
------------- ---------- ---------- ---------- ---------- ----------
------------- ---------- ---------- ---------- ---------- ----------

Total investment return (c)............. 16.97%(b) 18.28% 16.06% 5.57% 2.48% 24.3%
Ratios and supplemental data:
Net assets, end of period (in 000's).... $ 517,679 $ 456,893 $ 383,966 $ 356,796 $ 359,242 $ 150,768
Ratio of net investment income to
average net assets..................... 0.87%(a) 2.09% 2.52% 3.20% 2.65% 2.6%
Ratio of expenses to average net assets:
With expense reductions (Notes 1 &
5)................................... 2.31%(a) 2.15% 2.24% 2.35% 2.32% 2.5%
Without expense reductions............ 2.31%(a) 2.29% 2.31% 2.39% N/A N/A
Portfolio turnover rate++............... 63%(a) 50% 39% 83% 117% 24%
Average commission rate per share paid
on portfolio transactions++............ $ 0.0131 $ 0.0151 $ 0.0139 N/A N/A N/A
</TABLE>

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

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

F11
<PAGE>
AIM GLOBAL GROWTH & INCOME FUND
(FORMERLY GT GLOBAL GROWTH & INCOME FUND)

FINANCIAL HIGHLIGHTS (cont'd)

<TABLE>
<CAPTION>
ADVISOR CLASS+
----------------------------------------------------
SIX MONTHS YEAR ENDED OCTOBER JUNE 1, 1995
ENDED 31, TO
APRIL 30, 1998 ------------------- OCTOBER 31,
(UNAUDITED) (d) 1997 (d) 1996 1995
--------------- -------- -------- ------------
<S> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 8.20 $ 7.10 $ 6.35 $ 6.24
--------------- -------- -------- ------------
Income from investment operations:
Net investment income................. 0.08 0.23 0.23 0.11
Net realized and unrealized gain
(loss) on investments................ 1.33 1.13 0.82 0.13
--------------- -------- -------- ------------
Net increase from investment
operations......................... 1.41 1.36 1.05 0.24
--------------- -------- -------- ------------
Distributions to shareholders:
From net investment income............ (0.08) (0.24) (0.26) (0.13)
From net realized gain on
investments.......................... (0.15) (0.02) (0.04) --
In excess of net investment income.... (0.05) -- -- --
From sources other than net investment
income............................... -- -- -- --
--------------- -------- -------- ------------
Total distributions................. (0.28) (0.26) (0.30) (0.13)
--------------- -------- -------- ------------
Net asset value, end of period.......... $ 9.33 $ 8.20 $ 7.10 $ 6.35
--------------- -------- -------- ------------
--------------- -------- -------- ------------

Total investment return (c)............. 17.59% (b) 19.23% 17.19% 3.83% (b)
Ratios and supplemental data:
Net assets, end of period (in 000's).... $ 7,509 $ 3,057 $ 3,085 $ 944
Ratio of net investment income to
average net assets..................... 1.87% (a) 3.09% 3.52% 4.20% (a)
Ratio of expenses to average net assets:
With expense reductions (Notes 1 &
5)................................... 1.31% (a) 1.15% 1.24% 1.35% (a)
Without expense reductions............ 1.31% (a) 1.29% 1.31% 1.39% (a)
Portfolio turnover rate++............... 63% (a) 50% 39% 83%
Average commission rate per share paid
on portfolio transactions++............ $0.0131 $0.0151 $0.0139 N/A
</TABLE>

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

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

F12
<PAGE>
AIM GLOBAL GROWTH & INCOME FUND
(FORMERLY GT GLOBAL GROWTH & INCOME FUND)

NOTES TO
FINANCIAL STATEMENTS
April 30, 1998 (Unaudited)

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

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 Growth & Income Fund ("Fund") is a separate series of GT Investment
Funds, Inc. ("Company"). Effective June 1, 1998, the Company was renamed AIM
Investment Funds, Inc. and the Fund was renamed AIM Global Growth & Income Fund.
The Company is organized as a Maryland corporation and is registered under the
Investment Company Act of 1940, as amended ("1940 Act"), as a non-diversified,
open-end management investment company. The Company has thirteen series of
shares in operation, each series corresponding to a distinct portfolio of
investments.

The Fund offers Class A, Class B, and Advisor Class shares, each of which has
equal rights as to assets and voting privileges. Class A and Class B each has
exclusive voting rights with respect to its distribution plan. Investment
income, realized and unrealized capital gains and losses, and the common
expenses of the Fund are allocated on a pro rata basis to each class based on
the relative net assets of each class to the total net assets of the Fund. Each
class of shares differs in its respective service and distribution expenses, and
may differ in its transfer agent, registration, and certain other class-specific
fees and expenses.

The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of income and expenses during the reporting period. Actual
results could differ from those estimates. The following is a summary of
significant accounting policies in conformity with generally accepted accounting
principles consistently followed by the Funds in the preparation of the
financial statements.

(A) PORTFOLIO VALUATION
The Fund calculates the net asset value of and completes orders to purchase,
exchange or repurchase Fund shares on each business day, with the exception of
those days on which the New York Stock Exchange is closed.

Equity securities are valued at the last sale price on the exchange on which
such securities are traded, or on the principal over-the-counter market on which
such securities are traded, as of the close of business on the day the
securities are being valued, or, lacking any sales, at the last available bid
price. In cases where securities are traded on more than one exchange, the
securities are valued on the exchange determined by Chancellor LGT Asset
Management, Inc. ("the Manager") to be the primary market.

Fixed income investments are valued at the mean of representative quoted bid and
ask prices for such investments or, if such prices are not available, at prices
for investments of comparative maturity, quality and type; however, when the
Fund deems it appropriate, prices obtained for the day of valuation from a bond
pricing service will be used. Short-term investments are valued at amortized
cost adjusted for foreign exchange translation and market fluctuations, if any.

Investments for which market quotations are not readily available (including
restricted securities which are subject to limitations on their sale) are valued
at fair value as determined in good faith by or under the direction of the
Company's Board of Directors.

Portfolio securities which are primarily traded on foreign exchanges are
generally valued at the preceding closing values of such securities on their
respective exchanges, and those values are then translated into U.S. dollars at
the current exchange rates, except that when an occurrence subsequent to the
time a value was so established is likely to have materially changed such value,
then the fair value of those securities will be determined by consideration of
other factors by or under the direction of the Company's Board of Directors.

(B) FOREIGN CURRENCY TRANSLATION
The accounting records of the Fund are maintained in U.S. dollars. The market
values of foreign securities, currency holdings, and other assets and
liabilities are recorded in the books and records of the Fund after translation
to U.S. dollars based on the exchange rates on that day. The cost of each
security is determined using historical exchange rates. Income and withholding
taxes are translated at prevailing exchange rates when earned or incurred.

The Fund does not isolate that portion of the results of operations resulting
from changes in foreign exchange rates on investments from the fluctuations
arising from changes in market prices of securities held. Such fluctuations are
included with the net realized and unrealized gain or loss from investments.

Reported net realized foreign exchange gains or losses arise from sales and
maturities of short-term securities, forward foreign currency contracts, sales
of foreign currencies, currency gains or losses realized between the trade and
settlement dates on securities transactions, and the difference between the
amounts of dividends, interest, and foreign withholding taxes recorded on the
Fund's books and the U.S. dollar equivalent of the amounts actually received or
paid. Net unrealized foreign exchange gains and losses arise from changes in the
value of assets and liabilities other than investments in securities at year
end, resulting from changes in exchange rates.

(C) REPURCHASE AGREEMENTS
With respect to repurchase agreements entered into by the Fund, it is the Fund's
policy to always receive, as collateral, United States government securities or
other high quality debt securities of which

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

the value, including accrued interest, is at least equal to the amount to be
repaid to the Fund under each agreement at its maturity.

(D) FORWARD FOREIGN CURRENCY CONTRACTS
A forward foreign currency contract ("Forward Contract") is an agreement between
two parties to buy and sell a currency at a set price on a future date. The
market value of the Forward Contract fluctuates with changes in currency
exchange rates. The Forward Contract is marked-to-market daily and the change in
market value is recorded by the Fund as an unrealized gain or loss. When the
Forward Contract is closed, the Fund records a realized gain or loss equal to
the difference between the value at the time it was opened and the value at the
time it was closed. Forward Contracts involve market risk in excess of the
amounts shown in the Fund's "Statement of Assets and Liabilities." The Fund
could be exposed to risk if a counter party is unable to meet the terms of the
contract or if the value of the currency changes unfavorably. The Fund may enter
into Forward Contracts in connection with planned purchases or sales of
securities, or to hedge against adverse fluctuations in exchange rates between
currencies.

(E) OPTION ACCOUNTING PRINCIPLES
When the Fund writes a call or put option, an amount equal to the premium
received is included in the Fund's "Statement of Assets and Liabilities" as an
asset and an equivalent liability. The amount of the liability is subsequently
marked-to-market to reflect the current market value of the option. The current
market value of an option listed on an exchange is valued at its last bid price,
or, in the case of an over-the-counter option, is valued at the average of the
last bid prices obtained from brokers. If an option expires on its stipulated
expiration date or if the Fund enters into a closing purchase transaction, a
gain or loss is realized without regard to any unrealized gain or loss on the
underlying security, and the liability related to such option is extinguished.
If a written call option is exercised, a gain or loss is realized from the sale
of the underlying security and the proceeds of the sale are increased by the
premium originally received. If a written put option is exercised, the cost of
the underlying security purchased would be decreased by the premium originally
received. The Fund can write options only on a covered basis, which, for a call,
requires that the Fund hold the underlying security and, for a put, requires the
Fund 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 may use options
to manage its exposure to the stock or bond market and to fluctuations in
currency values or interest rates.

The premium paid by the Fund for the purchase of a call or put option is
included in the Fund's "Statement of Assets and Liabilities" as an investment
and subsequently "marked-to-market" to reflect the current market value of the
option. If an option which the Fund has purchased expires on the stipulated
expiration date, the Fund realizes a loss in the amount of the cost of the
option. If the Fund enters into a closing sale transaction, the Fund realizes a
gain or loss, depending on whether proceeds from the closing sale transaction
are greater or less than the cost of the option. If the Fund exercises a call
option, the cost of the securities acquired by exercising the call is increased
by the premium paid to buy the call. If the Fund exercises a put option, it
realizes a gain or loss from the sale of the underlying security, and the
proceeds from such sale are decreased by the premium originally paid.

The risk associated with purchasing options is limited to the premium originally
paid. The risk in writing a call option is that the Fund may forego the
opportunity of profit if the market value of the underlying security or index
increases and the option is exercised. The risk in writing a put option is that
the Fund may incur a loss if the market value of the underlying security or
index decreases and the option is exercised. In addition, there is the risk the
Fund may not be able to enter into a closing transaction because of an illiquid
secondary market.

(F) FUTURES CONTRACTS
A futures contract is an agreement between two parties to buy and sell a
security at a set price on a future date. Upon entering into such a contract the
Fund is required to pledge to the broker an amount of cash or securities equal
to the minimum "initial margin" requirements of the exchange on which the
contract is traded. Pursuant to the contract, the Fund agrees to receive from or
pay to the broker an amount of cash equal to the daily fluctuation in value of
the contract. Such receipts or payments are known as "variation margin" and are
recorded by the Fund as unrealized gains or losses. When the contract is closed,
the Fund records a realized gain or loss equal to the difference between the
value of the contract at the time it was opened and the value at the time it was
closed. The potential risk to the Fund is that the change in value of the
underlying securities may not correlate to the change in value of the contracts.
The Fund may use futures contracts to manage its exposure to the stock or bond
market and to fluctuations in currency values or interest rates.

(G) SECURITY TRANSACTIONS AND RELATED INVESTMENT INCOME
Security transactions are accounted for on the trade date (date the order to buy
or sell is executed). The cost of securities sold is determined on a first-in,
first-out basis, unless otherwise specified. Dividends are recorded on the
ex-dividend date. Interest income is recorded on the accrual basis. Where a high
level of uncertainty exists as to collection, income is recorded net of all
withholding tax with any rebate recorded when received. The Fund may trade
securities on other than normal settlement terms. This may increase the risk if
the other to the transaction fails to deliver and causes the Fund to
subsequently invest at less advantageous prices.

(H) PORTFOLIO SECURITIES LOANED
At April 30, 1998, stocks with an aggregate value of approximately $97,486,245
were on loan to brokers. The loans were secured by cash collateral of
$101,528,232. For international securities, cash collateral is received by the
Fund against loaned securities in an amount at least equal to 105% of the market
value of the loaned securities at the inception of each loan. This collateral
must be maintained at not

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

less than 103% of the market value of the loaned securities during the period of
the loan. For domestic securities, cash collateral is received by the Fund
against loaned securities in an amount at least equal to 102% of the market
value of the loaned securities at the inception of each loan. This collateral
must be maintained at not less than 100% of the market value of the loaned
securities during the period of the loan. The cash collateral is invested in a
securities lending trust which consists of a portfolio of high quality short
duration securities whose average effective duration is restricted to 120 days
or less. For the six months ended April 30, 1998, the Fund received $371,976 of
income from securities lending.

(I) TAXES
It is the policy of the Fund to meet the requirements for qualification as a
"regulated investment company" under the Internal Revenue Code of 1986, as
amended ("Code"). It is also the intention of the Fund to make distributions
sufficient to avoid imposition of any excise tax under Section 4982 of the Code.
Therefore, no provision has been made for Federal taxes on income, capital
gains, or unrealized appreciation of securities held, and excise tax on income
and capital gains.

(J) DISTRIBUTIONS TO SHAREHOLDERS
Distributions to shareholders are recorded by the Fund on the ex-date. Income
and capital gain distributions are determined in accordance with Federal income
tax regulations which may differ from generally accepted accounting principles.
These differences are primarily due to differing treatments of income and gains
on various investment securities held by the Fund and timing differences.

(K) FOREIGN SECURITIES
There are certain additional considerations and risks associated with investing
in foreign securities and currency transactions that are not inherent in
investment of domestic origin. The Fund's investments in emerging market
countries may involve greater risks than investments in more developed markets
and the price of such investments may be volatile. These risks of investing in
foreign and emerging markets may include foreign currency exchange rate
fluctuations, perceived credit risk, adverse political and economic developments
and possible adverse foreign government intervention.

(L) INDEXED SECURITIES
The Fund may invest in indexed securities whose value is linked either directly
or indirectly to changes in foreign currencies, interest rates, equities,
indices, or other reference instruments. Indexed securities may be more volatile
than the reference instrument itself, but any loss is limited to the amount of
the original investment.

(M) RESTRICTED SECURITIES
The Fund is permitted to invest in privately placed restricted securities. These
securities may be resold in transactions exempt from registration or to the
public if the securities are registered. Disposal of these securities may
involve time-consuming negotiations and expense, and prompt sale at an
acceptable price may be difficult.

(N) LINE OF CREDIT
The Fund, along with certain other funds ("GT Funds") advised and/or
administered by the Manager, has a line of credit with each of BankBoston and
State Street Bank & Trust Company. The arrangements with the banks allow the
Fund and the GT Funds to borrow an aggregate maximum amount of $250,000,000. The
Fund is limited to borrowing up to 33 1/3% of the value of each Fund's total
assets. On April 30, 1998, the Fund had $31,902,000 in loans outstanding.

For the six months ended April 30, 1998, the weighted average outstanding daily
balance of bank loans (based on the number of days the loans were outstanding)
for the Fund was $10,098,097, with a weighted average interest rate of 6.42%.
Interest expense for the Fund for the six months ended April 30, 1998, was
$111,735, and is included in "Other Expenses" on the Statement of Operations.

2. RELATED PARTIES (SEE ALSO NOTE 6)
For the period ended April 30, 1998, Chancellor LGT Asset Management, Inc., was
the Fund's investment manager and administrator. The Fund pays investment
management and administration fees to the Manager at the annualized rate of
0.975% on the first $500 million of average daily net assets of the Fund; 0.95%
on the next $500 million; 0.925% on the next $500 million and 0.90% on amounts
thereafter. These fees are computed daily and paid monthly.

For the period ended April 30, 1998, GT Global, Inc. ("GT Global"), an affiliate
of the Manager, serves as the Fund's distributor. The Fund offers Class A, Class
B, and Advisor Class shares for purchase.

Class A shares are subject to initial sales charges imposed at the time of
purchase, in accordance with the schedule included in the Fund's current
prospectus. GT Global collects the sales charges imposed on sales of Class A
shares, and reallows a portion of such charges to dealers through which the
sales are made. For the six months ended April 30, 1998, GT Global retained
$26,174 of such sales charges. Purchases of Class A shares exceeding $500,000
may be subject to a contingent deferred sales charge ("CDSC") upon redemption,
in accordance with the Fund's current prospectus. GT Global collected CDSCs in
the amount of $1,692 for the period ended April 30, 1998. GT Global also makes
ongoing shareholder servicing and trail commission payments to dealers whose
clients hold Class A shares.

Class B shares are not subject to initial sales charges. When Class B shares are
sold, GT Global from its own resources pays commissions to dealers through which
the sales are made. Certain redemptions of Class B shares made within six years
of purchase are subject to CDSCs, in accordance with the Fund's current
prospectus. For the period ended April 30, 1998, GT Global collected CDSCs in
the amount of $627,678. In addition, GT Global makes ongoing shareholder
servicing and trail commission payments to dealers whose clients hold Class B
shares.

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

Pursuant to the then effective separate distribution plans adopted under 1940
Act Rule 12b-1 by the Company's Board of Directors with respect to the Fund's
Class A shares ("Class A Plan") and Class B shares ("Class B Plan"), the Fund
reimbursed GT Global for a portion of its shareholder servicing and distribution
expenses. Under that Class A Plan, the Fund was permitted to pay GT Global a
service fee at the annualized rate of up to 0.25% of the average daily net
assets of the Fund's Class A shares for GT Global's expenditures incurred in
servicing and maintaining shareholder accounts, and was permitted to pay GT
Global a distribution fee at the annualized rate of up to 0.35% 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 Class B Plan, the Fund was
permitted to pay GT Global a service fee at the annualized rate of up to 0.25%
of the average daily net assets of the Fund's Class B shares for GT Global's
expenditures incurred in servicing and maintaining shareholder accounts, and was
permitted to pay GT Global a distribution fee at the annualized rate of up to
0.75% of the average daily net assets of the Fund's Class B shares for GT
Global's expenditures incurred in providing services as distributor. Expenses
incurred under the Class B Plan in excess of 1.00% annually were permitted to be
carried forward for reimbursement in subsequent years as long as that Plan
continued in effect.

The Manager and GT Global voluntarily undertook to limit the Fund's expenses
(exclusive of brokerage commissions, taxes, interest, and extraordinary
expenses) to the maximum annual rate of 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 GT Global, is the transfer agent of the Fund. For performing shareholder
servicing, reporting, and general transfer agent services, GT Services receives
an annual maintenance fee of $17.50 per account, a new account fee of $4.00 per
account, a per transaction fee of $1.75 for all transactions other than
exchanges and a per exchange fee of $2.25. GT Services also is reimbursed by the
Fund for its out-of-pocket expenses for such items as postage, forms, telephone
charges, stationery and office supplies.

The Manager is the pricing and accounting agent for the Fund. The monthly fee
for these services to the Manager is a percentage, not to exceed 0.03% annually,
of the Fund's average daily net assets. The annual fee rate is derived by
applying 0.03% to the first $5 billion of assets of all registered mutual funds
advised by the Manager and 0.02% to the assets in excess of $5 billion and
allocating the result according to the Fund's average daily net assets.

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

3. PURCHASES AND SALES OF SECURITIES
For the six months ended April 30, 1998, purchases and sales of investment
securities by the Fund, other than short-term investments and U.S. government
obligations, aggregated $164,691,801 and $228,001,192, respectively. Purchases
and sales of U.S. government obligations were $79,532,513 and $36,789,426,
respectively, for the six months ended April 30, 1998.

4. CAPITAL SHARES
At April 30, 1998, there were 6,000,000,000 shares of the Company's common stock
authorized, at $0.0001 par value. Of this amount, 200,000,000 were classified as
shares of the Fund; 400,000,000 were classified as shares of GT Global
Government Income Fund; 200,000,000 were classified as shares of GT Global
Developing Markets Fund; 200,000,000 were classified as shares of GT Global
Health Care Fund; 200,000,000 were classified as shares of GT Global Strategic
Income Fund; 200,000,000 were classified as shares of GT Global Currency Fund
(inactive); 200,000,000 were classified as shares of GT Global Latin America
Growth Fund; 200,000,000 were classified as shares of GT Global Small Companies
Fund (inactive); 400,000,000 were classified as shares of GT Global
Telecommunications Fund; 200,000,000 were classified as shares of GT Global
Emerging Markets Fund; 200,000,000 were classified as shares of GT Global
Financial Services Fund; 200,000,000 were classified as shares of GT Global
Natural Resources Fund; 200,000,000 were classified as shares of GT Global
Infrastructure Fund; 200,000,000 were classified as shares of GT Global High
Income Fund; and 200,000,000 were classified as shares of GT Global Consumer
Products and Services Fund. The shares of each of the foregoing series of the
Company were divided equally into two classes, designated Class A and Class B
common stock. With respect to the issuance of Advisor Class shares, 100,000,000
shares were classified as shares of each of the fifteen series of the Company
and designated as Advisor Class common stock. 1,100,000,000 shares remain
unclassified. Transactions in capital shares of the Fund were as follows:

F16
<PAGE>
AIM GLOBAL GROWTH & INCOME FUND
(FORMERLY GT GLOBAL GROWTH & INCOME FUND)

CAPITAL SHARE TRANSACTIONS

<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............................. 23,620,178 $ 204,075,876 37,585,791 $ 289,617,397
Shares issued in connection with
reinvestment of distributions......... 962,992 8,160,319 935,467 7,161,559
--------------- ------------------ --------------- ------------------
24,583,170 212,236,195 38,521,258 296,778,956
Shares repurchased...................... (25,453,190) (220,702,455) (43,156,190) (332,338,391)
--------------- ------------------ --------------- ------------------
Net decrease............................ (870,020) $ (8,466,260) (4,634,932) $ (35,559,435)
--------------- ------------------ --------------- ------------------
--------------- ------------------ --------------- ------------------
</TABLE>

<TABLE>
<CAPTION>
SIX MONTHS ENDED
APRIL 30, 1998 YEAR ENDED
(UNAUDITED) OCTOBER 31, 1997
----------------------------------- -----------------------------------
CLASS B SHARES AMOUNT SHARES AMOUNT
- ---------------------------------------- --------------- ------------------ --------------- ------------------
<S> <C> <C> <C> <C>
Shares sold............................. 6,646,214 $ 57,732,080 12,634,686 $ 97,336,518
Shares issued in connection with
reinvestment of distributions......... 1,363,410 11,516,364 1,087,287 8,343,350
--------------- ------------------ --------------- ------------------
8,009,624 69,248,444 13,721,973 105,679,868
Shares repurchased...................... (8,146,059) (71,078,253) (12,063,889) (93,059,122)
--------------- ------------------ --------------- ------------------
Net increase (decrease)................. (136,435) $ (1,829,809) 1,658,084 $ 12,620,746
--------------- ------------------ --------------- ------------------
--------------- ------------------ --------------- ------------------
</TABLE>

<TABLE>
<CAPTION>
SIX MONTHS ENDED
APRIL 30, 1998 YEAR ENDED
(UNAUDITED) OCTOBER 31, 1997
----------------------------------- -----------------------------------
ADVISOR CLASS SHARES AMOUNT SHARES AMOUNT
- ---------------------------------------- --------------- ------------------ --------------- ------------------
<S> <C> <C> <C> <C>
Shares sold............................. 2,118,403 $ 18,340,399 3,177,501 $ 24,442,634
Shares issued in connection with
reinvestment of distributions......... 15,791 135,659 9,792 74,879
--------------- ------------------ --------------- ------------------
2,134,194 18,476,058 3,187,293 24,517,513
Shares repurchased...................... (1,701,823) (14,969,971) (3,248,879) (24,964,241)
--------------- ------------------ --------------- ------------------
Net increase (decrease)................. 432,371 $ 3,506,087 (61,586) $ (446,728)
--------------- ------------------ --------------- ------------------
--------------- ------------------ --------------- ------------------
</TABLE>

5. EXPENSE REDUCTIONS
The Manager directed certain portfolio trades to brokers who paid a portion of
the Fund's expenses. For the six months ended April 30, 1998, the Fund's
expenses were reduced by $7,140 under these arrangements.

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 Fund and INVESCO (NY), Inc. became the
sub-adviser and sub-administrator of the Fund. In addition, A I M Distributors,
Inc. replaced GT Global, Inc. as the Fund's principal underwriter, and the Fund
became subject to compensation-type Rule 12b-1 plans of distribution, which
replaced the Fund's former reimbursement-type Rule 12b-1 plans of distribution.
All of the changes became effective as of the close of business on May 29, 1998.

F17
<PAGE>
AIM GLOBAL GROWTH & INCOME FUND
(FORMERLY GT GLOBAL GROWTH & INCOME FUND)

NOTES

- --------------------------------------------------------------------------------
<PAGE>
AIM GLOBAL GROWTH AND INCOME FUND

AIM/GT FUNDS

AIM Distributors offers a broad range of funds to complement many investors'
portfolios. For more information and a prospectus on any of the funds listed
below, please contact your Financial Adviser or call 1-800-824-1580. The
prospectus contains more complete information, including charges, expenses and
risks. Investors should read the prospectus carefully before investing.

EQUITY FUNDS

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

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

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

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

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

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

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

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

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

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

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

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

GROWTH AND INCOME FUND

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

INCOME FUNDS

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

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

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

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

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

THEME FUNDS

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

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

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

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

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

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

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

[LOGO]

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

DATED MATERIAL
PLEASE EXPEDITE

AIM Growth & Income Fund
GGI-SAR-1