AIM INVESTMENT FUNDS
497, 1999-05-21
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<PAGE>   1


                           CLASS A, B AND C SHARES OF

                         AIM GLOBAL INFRASTRUCTURE FUND

                          Supplement dated May 21, 1999
                      to the Prospectus dated March 1, 1999

Effective May 24, 1999, the section entitled "FUND MANAGEMENT - PORTFOLIO
MANAGER" on page 5 of the prospectus should be deleted in its entirety and
replaced with the following:

         "PORTFOLIO MANAGERS

         The advisor uses 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, all of whom are officers of
         A I M Capital Management, Inc., a wholly owned subsidiary of the
         advisor, are


         o    Claude C. Cody IV, Senior Portfolio Manager, who has been
              responsible for the fund since 1999 and has been associated with
              the advisor and/or its affiliates since 1992.

         o    Robert G. Alley, Senior Portfolio Manager, who has been
              responsible for the fund since 1999 and has been associated with
              the advisor and/or its affiliates since 1992.


         o    Craig A. Smith, Senior Portfolio Manager, who has been
              responsible for the fund since 1999 and has been associated with
              the advisor and/or its affiliates since 1989.


         o    Carolyn L. Gibbs, Senior Portfolio Manager, who has been
              responsible for the fund since 1999 and has been associated with
              the advisor and/or its affiliates since 1992.


         o    Meggan M. Walsh, Portfolio Manager, who has been responsible for
              the fund since 1999 and has been associated with the advisor
              and/or its affiliates since 1991."


<PAGE>   2


                             ADVISOR CLASS SHARES OF

                         AIM GLOBAL INFRASTRUCTURE FUND

                          Supplement dated May 21, 1999
                      to the Prospectus dated March 1, 1999

Effective May 24, 1999, the section entitled "FUND MANAGEMENT - PORTFOLIO
MANAGER" on page 5 of the prospectus should be deleted in its entirety and
replaced with the following:

          "PORTFOLIO MANAGERS

          The advisor uses 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, all of whom are officers of
          A I M Capital Management, Inc., a wholly owned subsidiary of the 
          advisor, are

          o    Claude C. Cody IV, Senior Portfolio Manager, who has been
               responsible for the fund since 1999 and has been associated with
               the advisor and/or its affiliates since 1992.

          o    Robert G. Alley, Senior Portfolio Manager, who has been
               responsible for the fund since 1999 and has been associated with
               the advisor and/or its affiliates since 1992.

          o    Craig A. Smith, Senior Portfolio Manager, who has been
               responsible for the fund since 1999 and has been associated with
               the advisor and/or its affiliates since 1989.

          o    Carolyn L. Gibbs, Senior Portfolio Manager, who has been
               responsible for the fund since 1999 and has been associated with
               the advisor and/or its affiliates since 1992.

          o    Meggan M. Walsh, Portfolio Manager, who has been responsible for
               the fund since 1999 and has been associated with the advisor
               and/or its affiliates since 1991."



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