AIM INVESTMENT FUNDS
497, 1999-12-09
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                    CLASS A, CLASS B AND CLASS C SHARES OF

                        AIM EMERGING MARKETS DEBT FUND

                      Supplement dated December 9, 1999
                    to the Prospectus dated March 1, 1999
                         as revised December 6, 1999

The following replaces in its entirety the information appearing under the
heading "FUND MANAGEMENT - PORTFOLIO MANAGERS" on page 5 of the prospectus:

    "The advisors use a team approach to investment management. The individual
    members of the team who are primarily responsible for the day-to-day
    management of the portfolio are

    o     John Cleary, Portfolio Manager, who has been responsible for
          the fund since 1999 and has been associated with the advisor
          and/or its affiliates since 1998. From 1997 to 1998, he was
          Manager of a global markets fixed income fund for West Merchant
          Bank Ltd. From 1994 to 1996, he was enrolled in graduate
          school.

    o     Edwin Gutierrez, Portfolio Manager, who has been responsible
          for the fund since 1999 and has been associated with the
          advisor and/or its affiliates since 1998. From 1994 to 1998, he
          was an economist for Chancellor LGT Asset Management.

    o     Jonathan Mann, Portfolio Manager, who has been responsible for
          the fund since 1999 and has been associated with the advisor
          and/or its affiliates since 1998. From 1994 to 1998, he was an
          economist for LGT Asset Management."



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