<PAGE> 1
CLASS A AND B SHARES OF:
AIM DEVELOPING MARKETS FUND
Supplement dated December 14, 1998
to the Prospectus dated September 8, 1998
Effective December 14, 1998, sub-advisory and sub-administration responsibility
for AIM Investment Funds' AIM Developing Markets Fund (the "Fund") will be
transferred from INVESCO (NY), Inc. to INVESCO Asset Management Ltd., another
indirect wholly owned subsidiary of AMVESCAP PLC. A I M Advisors, Inc. ("AIM
Advisors") will continue to serve as the manager and administrator of the Fund.
The transfer will not change the fees AIM Advisors' pays for sub-advisory
services and will not change the nature of the sub-advisory services provided
to the Fund or the personnel providing such services.
<PAGE> 2
ADVISOR CLASS SHARES OF:
AIM DEVELOPING MARKETS FUND
Supplement dated December 14, 1998
to the Prospectus dated September 8, 1998
Effective December 14, 1998, sub-advisory and sub-administration responsibility
for AIM Investment Funds' AIM Developing Markets Fund (the "Fund") will be
transferred from INVESCO (NY), Inc. to INVESCO Asset Management Ltd., another
indirect wholly owned subsidiary of AMVESCAP PLC. A I M Advisors, Inc. ("AIM
Advisors") will continue to serve as the manager and administrator of the Fund.
The transfer will not change the fees AIM Advisors' pays for sub-advisory
services and will not change the nature of the sub-advisory services provided
to the Fund or the personnel providing such services.
<PAGE> 3
CLASS A AND B SHARES OF:
AIM EMERGING MARKETS DEBT FUND
Supplement dated December 14, 1998
to the Prospectus dated September 8, 1998
Effective December 14, 1998, sub-administration responsibility for AIM
Investment Funds' AIM Emerging Markets Debt Fund (the "Fund") and sub-advisory
and sub-administration responsibility for Emerging Markets Debt Portfolio (the
"Portfolio") will be transferred from INVESCO (NY), Inc. to INVESCO Asset
Management Ltd., another indirect wholly owned subsidiary of AMVESCAP PLC. A I
M Advisors, Inc. ("AIM Advisors") will continue to serve as the manager and
administrator of the Fund and the Portfolio. The transfer will not change the
fees AIM Advisors' pays for sub-advisory services and will not change the
nature of the sub-advisory services provided to the Portfolio or the personnel
providing such services.
Effective January 1, 1999, the following information replaces in its entirety,
the table under "MANAGEMENT - INVESTMENT MANAGEMENT AND ADMINISTRATION" on page
17 of the Prospectus:
<TABLE>
<CAPTION>
RESPONSIBILITIES FOR BUSINESS EXPERIENCE
NAME/OFFICE THE FUND PAST FIVE YEARS
----------- -------- ---------------
<S> <C> <C>
Craig Munro Portfolio Manager Head of Emerging Markets Fixed
London since 1998 Income and Portfolio Manager for
INVESCO Asset Management Ltd.
since December 1998. Portfolio
Manager for INVESCO (NY), Inc.
from August 1997 to December
1998. Vice President and Senior
Analyst in the Emerging Markets
Group of the Global Fixed Income
Division of Merrill Lynch Asset
Management from 1993 to August
1997.
John Cleary Portfolio Manager Director, Emerging Markets Fixed
London since 1999 Income and Portfolio Manager for
INVESCO Asset Management Ltd.
since December 1998. Employed
by West Merchant Bank, Ltd. as
Manager of a global emerging
markets fixed income fund from
1997 to 1998. Completed the
investment management program at
the London Business School in
1996. Received a B.Sc in
management from the London
School of Economics and Political
Science in 1994.
</TABLE>
<PAGE> 4
ADVISOR CLASS SHARES OF:
AIM EMERGING MARKETS DEBT FUND
Supplement dated December 14, 1998
to the Prospectus dated September 8, 1998
Effective December 14, 1998, sub-administration responsibility for AIM
Investment Funds' AIM Emerging Markets Debt Fund (the "Fund") and sub-advisory
and sub-administration responsibility for Emerging Markets Debt Portfolio (the
"Portfolio") will be transferred from INVESCO (NY), Inc. to INVESCO Asset
Management Ltd., another indirect wholly owned subsidiary of AMVESCAP PLC. A I
M Advisors, Inc. ("AIM Advisors") will continue to serve as the manager and
administrator of the Fund and the Portfolio. The transfer will not change the
fees AIM Advisors' pays for sub-advisory services and will not change the
nature of the sub-advisory services provided to the Portfolio or the personnel
providing such services.
Effective January 1, 1999, the following information replaces in its entirety,
the table under "MANAGEMENT - INVESTMENT MANAGEMENT AND ADMINISTRATION" on page
17 of the Prospectus:
<TABLE>
<CAPTION>
RESPONSIBILITIES FOR BUSINESS EXPERIENCE
NAME/OFFICE THE FUND PAST FIVE YEARS
----------- -------- ---------------
<S> <C> <C>
Craig Munro Portfolio Manager Head of Emerging Markets Fixed
London since 1998 Income and Portfolio Manager for
INVESCO Asset Management Ltd.
since December 1998. Portfolio
Manager for INVESCO (NY), Inc.
from August 1997 to December
1998. Vice President and Senior
Analyst in the Emerging Markets
Group of the Global Fixed Income
Division of Merrill Lynch Asset
Management from 1993 to August
1997.
John Cleary Portfolio Manager Director, Emerging Markets Fixed
London since 1999 Income and Portfolio Manager for
INVESCO Asset Management Ltd.
since December 1998. Employed
by West Merchant Bank, Ltd. as
Manager of a global emerging
markets fixed income fund from
1997 to 1998. Completed the
investment management program at
the London Business School in
1996. Received a B.Sc in
management from the London
School of Economics and Political
Science in 1994.
</TABLE>
<PAGE> 5
CLASS A AND B SHARES OF:
AIM GLOBAL GOVERNMENT INCOME FUND
Supplement dated December 14, 1998
to the Prospectus dated September 8, 1998
Effective December 14, 1998, sub-advisory and sub-administration responsibility
for AIM Investment Funds' AIM Global Government Income Fund (the "Fund") will
be transferred from INVESCO (NY), Inc. to INVESCO Asset Management Ltd.,
another indirect wholly owned subsidiary of AMVESCAP PLC. A I M Advisors, Inc.
("AIM Advisors") will continue to serve as the manager and administrator of the
Fund. The transfer will not change the fees AIM Advisors' pays for sub-advisory
services and will not change the nature of the sub-advisory services provided
to the Fund or the personnel providing such services.
Effective January 1, 1999, the following information replaces in its entirety,
the table under "MANAGEMENT - INVESTMENT MANAGEMENT AND ADMINISTRATION" on page
13 of the Prospectus:
<TABLE>
<CAPTION>
RESPONSIBILITIES FOR BUSINESS EXPERIENCE
NAME/OFFICE THE FUND PAST 5 YEARS
----------- -------- ------------
<S> <C> <C>
Thomas J. Berger Portfolio Manager Director and Head of the Global Fixed
London since 1999 Income Group, for INVESCO Asset
Management Ltd. since 1997. Director
of Mercury Asset Management plc
from 1993 to 1997.
Paul Griffiths Portfolio Manager Director, Head of Global Fixed Income
London since 1999 Team and Portfolio Manager for
INVESCO Asset Management Ltd.
since June 1997. Portfolio Manager
from 1994 to 1997. Global Bond Fund
Manager for Lazard Investors from
1993 to 1994.
David B. Hughes Portfolio Manager Director, Global Fixed Income Group
London since 1998 and Portfolio Manager of INVESCO
Asset Management Ltd. since
December 1998. Head of Global
Fixed Income, North America, and
Portfolio Manager for INVESCO (NY),
Inc. from January 1998 to December
1998. Senior Portfolio Manager for
Global/International Fixed Income for
INVESCO (NY), Inc. from July 1995 to
December 1997. Employed by
Chancellor Capital from July 1995 to
October 1996. Assistant Vice
President of Fiduciary Trust Company
International from 1994 to 1995.
Assistant Treasurer at the Bankers
Trust Company from 1991 to 1994.
</TABLE>
<PAGE> 6
ADVISOR CLASS SHARES OF:
AIM GLOBAL GOVERNMENT INCOME FUND
Supplement dated December 14, 1998
to the Prospectus dated September 8, 1998
Effective December 14, 1998, sub-advisory and sub-administration responsibility
for AIM Investment Funds' AIM Global Government Income Fund (the "Fund") will
be transferred from INVESCO (NY), Inc. to INVESCO Asset Management Ltd.,
another indirect wholly owned subsidiary of AMVESCAP PLC. A I M Advisors, Inc.
("AIM Advisors") will continue to serve as the manager and administrator of the
Fund. The transfer will not change the fees AIM Advisors' pays for sub-advisory
services and will not change the nature of the sub-advisory services provided
to the Fund or the personnel providing such services.
Effective January 1, 1999, the following information replaces in its entirety,
the table under "MANAGEMENT - INVESTMENT MANAGEMENT AND ADMINISTRATION" on page
13 of the Prospectus:
<TABLE>
<CAPTION>
RESPONSIBILITIES FOR BUSINESS EXPERIENCE
NAME/OFFICE THE FUND PAST 5 YEARS
----------- -------- ------------
<S> <C> <C>
Thomas J. Berger Portfolio Manager Director and Head of the Global Fixed
London since 1999 Income Group, for INVESCO Asset
Management Ltd. since 1997. Director
of Mercury Asset Management plc
from 1993 to 1997.
Paul Griffiths Portfolio Manager Director, Head of Global Fixed Income
London since 1999 Team and Portfolio Manager for
INVESCO Asset Management Ltd.
since June 1997. Portfolio Manager
from 1994 to 1997. Global Bond Fund
Manager for Lazard Investors from
1993 to 1994.
David B. Hughes Portfolio Manager Director, Global Fixed Income Group
London since 1998 and Portfolio Manager of INVESCO
Asset Management Ltd. since
December 1998. Head of Global
Fixed Income, North America, and
Portfolio Manager for INVESCO (NY),
Inc. from January 1998 to December
1998. Senior Portfolio Manager for
Global/International Fixed Income for
INVESCO (NY), Inc. from July 1995 to
December 1997. Employed by
Chancellor Capital from July 1995 to
October 1996. Assistant Vice
President of Fiduciary Trust Company
International from 1994 to 1995.
Assistant Treasurer at the Bankers
Trust Company from 1991 to 1994.
</TABLE>
<PAGE> 7
CLASS A AND B SHARES OF:
AIM GLOBAL GROWTH & INCOME FUND
Supplement dated December 14, 1998
to the Prospectus dated September 8, 1998
Effective December 14, 1998, sub-advisory and sub-administration responsibility
for AIM Investment Funds' AIM Global Growth & Income Fund (the "Fund") will be
transferred from INVESCO (NY), Inc. to INVESCO Asset Management Ltd., another
indirect wholly owned subsidiary of AMVESCAP PLC. A I M Advisors, Inc. ("AIM
Advisors") will continue to serve as the manager and administrator of the Fund.
The transfer will not change the fees AIM Advisors' pays for sub-advisory
services and will not change the nature of the sub-advisory services provided
to the Fund or the personnel providing such services.
<PAGE> 8
ADVISOR CLASS SHARES OF:
AIM GLOBAL GROWTH & INCOME FUND
Supplement dated December 14, 1998
to the Prospectus dated September 8, 1998
Effective December 14, 1998, sub-advisory and sub-administration responsibility
for AIM Investment Funds' AIM Global Growth & Income Fund (the "Fund") will be
transferred from INVESCO (NY), Inc. to INVESCO Asset Management Ltd., another
indirect wholly owned subsidiary of AMVESCAP PLC. A I M Advisors, Inc. ("AIM
Advisors") will continue to serve as the manager and administrator of the Fund.
The transfer will not change the fees AIM Advisors' pays for sub-advisory
services and will not change the nature of the sub-advisory services provided
to the Fund or the personnel providing such services.
<PAGE> 9
CLASS A AND B SHARES OF:
AIM LATIN AMERICAN GROWTH FUND
Supplement dated December 14, 1998
to the Prospectus dated September 8, 1998
Effective December 14, 1998, sub-advisory and sub-administration responsibility
for AIM Investment Funds' AIM Latin American Growth Fund (the "Fund") will be
transferred from INVESCO (NY), Inc. to INVESCO Asset Management Ltd., another
indirect wholly owned subsidiary of AMVESCAP PLC. A I M Advisors, Inc. ("AIM
Advisors") will continue to serve as the manager and administrator of the Fund.
The transfer will not change the fees AIM Advisors' pays for sub-advisory
services and will not change the nature of the sub-advisory services provided
to the Fund or the personnel providing such services.
Effective January 1, 1999 the following information replaces in its entirety,
the table under "MANAGEMENT - INVESTMENT MANAGEMENT AND ADMINISTRATION" on page
13 of the Prospectus:
<TABLE>
<CAPTION>
Responsibilities for Business Experience
Name/Office the Fund Past 5 Years
- ----------- -------- ------------
<S> <C> <C>
David Manuel Portfolio Manager Portfolio Manager for INVESCO
London since 1997 Asset Management Ltd. since
November 1997. Investment
Analyst and Portfolio Manager
for Abbey Life Investment Services
Ltd. (Bournemouth) from 1987 to 1997,
and Head of Latin American Equities
from 1994 to 1997.
</TABLE>
<PAGE> 10
ADVISOR CLASS SHARES OF:
AIM LATIN AMERICAN GROWTH FUND
Supplement dated December 14, 1998
to the Prospectus dated September 8, 1998
Effective December 14, 1998, sub-advisory and sub-administration responsibility
for AIM Investment Funds' AIM Latin American Growth Fund (the "Fund") will be
transferred from INVESCO (NY), Inc. to INVESCO Asset Management Ltd., another
indirect wholly owned subsidiary of AMVESCAP PLC. A I M Advisors, Inc. ("AIM
Advisors") will continue to serve as the manager and administrator of the Fund.
The transfer will not change the fees AIM Advisors' pays for sub-advisory
services and will not change the nature of the sub-advisory services provided
to the Fund or the personnel providing such services.
Effective January 1, 1999 the following information replaces in its entirety,
the table under "MANAGEMENT - INVESTMENT MANAGEMENT AND ADMINISTRATION" on page
13 of the Prospectus:
<TABLE>
<CAPTION>
Responsibilities for Business Experience
Name/Office the Fund Past 5 Years
- ----------- -------- ------------
<S> <C> <C>
David Manuel Portfolio Manager Portfolio Manager for INVESCO
London since 1997 Asset Management Ltd. since
November 1997. Investment
Analyst and Portfolio Manager
for Abbey Life Investment Services
Ltd. (Bournemouth) from 1987 to 1997,
and Head of Latin American Equities
from 1994 to 1997.
</TABLE>
<PAGE> 11
CLASS A AND B SHARES OF:
AIM EMERGING MARKETS FUND
Supplement dated December 14, 1998
to the Prospectus dated September 8, 1998,
as supplemented September 28, 1998
This supplement supersedes and replaces in its entirety the supplement dated
September 28, 1998.
Effective December 14, 1998, sub-advisory and sub-administration responsibility
for AIM Investment Funds' AIM Emerging Markets Fund ("Emerging Markets Fund")
will be transferred from INVESCO (NY), Inc. to INVESCO Asset Management Ltd.,
another indirect wholly owned subsidiary of AMVESCAP PLC. A I M Advisors, Inc.
("AIM Advisors") will continue to serve as the manager and administrator of
the Fund. The transfer will not change the fees AIM Advisors' pays for
sub-advisory services and will not change the nature of the sub-advisory
services provided to Emerging Markets Fund or the personnel providing such
services.
The Board of Trustees of AIM Investment Funds unanimously approved, on
September 23, 1998, a Plan of Reorganization and Termination ("Plan") pursuant
to which Emerging Markets Fund, a series of AIM Investment Funds, would
transfer substantially all of its assets to AIM Developing Markets Fund
("Developing Markets Fund"), another series of AIM Investment Funds. As a
result of the transaction, shareholders of Emerging Markets Fund would receive
shares of Developing Markets Fund in exchange for their shares of Emerging
Markets Fund, and Emerging Markets Fund would cease operations. Developing
Markets Fund seeks long-term capital appreciation and, secondarily seeks
income to the extent consistent with capital appreciation. While Developing
Markets Fund may invest more extensively in debt securities (up to 50% of
its assets) than Emerging Markets Fund, like Emerging Markets Fund,
Developing Markets Fund invests primarily in securities of issuers located
in emerging markets.
The Plan requires the approval of Emerging Markets Fund shareholders and will
be submitted to the shareholders for their consideration at a meeting to be
held in February 1999. If the Plan is approved by shareholders of Emerging
Markets Fund and certain conditions required by the Plan are satisfied, the
transaction is expected to become effective before the end of February 1999.
<PAGE> 12
ADVISOR CLASS SHARES OF:
AIM EMERGING MARKETS FUND
Supplement dated December 14, 1998
to the Prospectus dated September 8, 1998,
as supplemented September 28, 1998
This supplement supersedes and replaces in its entirety the supplement dated
September 28, 1998.
Effective December 14, 1998, sub-advisory and sub-administration responsibility
for AIM Investment Funds' AIM Emerging Markets Fund ("Emerging Markets Fund")
will be transferred from INVESCO (NY), Inc. to INVESCO Asset Management Ltd.,
another indirect wholly owned subsidiary of AMVESCAP PLC. A I M Advisors, Inc.
("AIM Advisors") will continue to serve as the manager and administrator of
the Fund. The transfer will not change the fees AIM Advisors' pays for
sub-advisory services and will not change the nature of the sub-advisory
services provided to Emerging Markets Fund or the personnel providing such
services.
The Board of Trustees of AIM Investment Funds unanimously approved, on
September 23, 1998, a Plan of Reorganization and Termination ("Plan") pursuant
to which Emerging Markets Fund, a series of AIM Investment Funds, would
transfer substantially all of its assets to AIM Developing Markets Fund
("Developing Markets Fund"), another series of AIM Investment Funds. As a
result of the transaction, shareholders of Emerging Markets Fund would receive
shares of Developing Markets Fund in exchange for their shares of Emerging
Markets Fund, and Emerging Markets Fund would cease operations. Developing
Markets Fund seeks long-term capital appreciation and, secondarily seeks
income to the extent consistent with capital appreciation. While Developing
Markets Fund may invest more extensively in debt securities (up to 50% of
its assets) than Emerging Markets Fund, like Emerging Markets Fund,
Developing Markets Fund invests primarily in securities of issuers located
in emerging markets.
The Plan requires the approval of Emerging Markets Fund shareholders and will
be submitted to the shareholders for their consideration at a meeting to be
held in February 1999. If the Plan is approved by shareholders of Emerging
Markets Fund and certain conditions required by the Plan are satisfied, the
transaction is expected to become effective before the end of February 1999.
