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CLASS A, CLASS B AND CLASS C SHARES OF
AIM GLOBAL THEME FUNDS:
AIM GLOBAL CONSUMER PRODUCTS AND SERVICES FUND
AIM GLOBAL FINANCIAL SERVICES FUND
AIM GLOBAL HEALTH CARE FUND
AIM GLOBAL INFRASTRUCTURE FUND
AIM GLOBAL RESOURCES FUND
AIM GLOBAL TELECOMMUNICATIONS AND TECHNOLOGY FUND
(SERIES PORTFOLIOS OF AIM INVESTMENT FUNDS)
Supplement dated September 11, 2000 to
the Statement of Additional Information dated February 28, 2000,
as supplemented May 24, 2000
This supplement supersedes and replaces in its entirety the supplement dated
May 24, 2000.
Effective September 11, 2000, AIM Global Financial Services Fund ("Financial
Services Fund") and AIM Global Infrastructure Fund ("Infrastructure Fund")
(each, a "Fund") no longer invest all of their investable assets in the Global
Financial Services Portfolio and Global Infrastructure Portfolio, respectively.
Financial Services Fund and Infrastructure Fund will directly invest in the
securities in which it previously indirectly invested by virtue of its interest
in the Global Financial Services Portfolio and Global Infrastructure Portfolio,
respectively. Financial Services Fund and Infrastructure Fund's investment
strategies are the same as those which formerly applied to the Global Financial
Services Portfolio and Global Infrastructure Portfolio, respectively. All
references to "Portfolio" which remain in the Statement of Additional
Information refer only to the Global Consumer Products and Services Portfolio
and Global Resources Portfolio.
At a meeting held on September 1, 2000, Financial Services Fund and
Infrastructure Fund's shareholders approved proposals to amend the Fund's
fundamental investment restrictions. Effective September 11, 2000, the Funds
operate under the following fundamental investment restrictions:
(a) The Fund is a "diversified company" as defined in the 1940 Act.
The Fund will not purchase the securities of any issuer if, as a
result, the Fund would fail to be a diversified company within the
meaning of the 1940 Act, and the rules and regulations promulgated
thereunder, as such statute, rules, and regulations are amended from
time to time or are interpreted from time to time by the SEC staff
(collectively, the "1940 Act Laws and Interpretations") or except to
the extent that the Fund may be permitted to do so by exemptive
order or similar relief (collectively, with the 1940 Act Laws and
Interpretations, the "1940 Act Laws, Interpretations and
Exemptions"). In complying with this restriction, however, the Fund
may purchase securities of other investment companies to the extent
permitted by the 1940 Act Laws, Interpretations and Exemptions.
(b) The Fund may not borrow money or issue senior securities, except as
permitted by the 1940 Act Laws, Interpretations and Exemptions.
(c) The Fund may not underwrite the securities of other issuers. This
restriction does not prevent the Fund from engaging in transactions
involving the acquisition, disposition or resale of its portfolio
securities, regardless of whether the Fund may be considered to be
an underwriter under the Securities Act of 1933.
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(d) AIM Global Financial Services Fund will concentrate (as such
term may be defined or interpreted by the 1940 Act Laws,
Interpretations and Exemptions) its investments in the securities of
domestic and foreign financial services companies.
AIM Global Infrastructure Fund will concentrate (as such term may be
defined or interpreted by the 1940 Act Laws, Interpretations and
Exemptions) its investments in the securities of domestic and
foreign infrastructure companies.
(e) The Fund may not purchase real estate or sell real estate unless
acquired as a result of ownership of securities or other
instruments. This restriction does not prevent the Fund from
investing in issuers that invest, deal, or otherwise engage in
transactions in real estate or interests therein, or investing in
securities that are secured by real estate or interests therein.
(f) The Fund may not purchase physical commodities or sell physical
commodities unless acquired as a result of ownership of securities
or other instruments. This restriction does not prevent the Fund
from engaging in transactions involving futures contracts and
options thereon or investing in securities that are secured by
physical commodities.
(g) The Fund may not make personal loans or loans of its assets to
persons who control or are under the common control with the Fund,
except to the extent permitted by 1940 Act Laws, Interpretations and
Exemptions. This restriction does not prevent the Fund from, among
other things, purchasing debt obligations, entering into repurchase
agreements, loaning its assets to broker-dealers or institutional
investors, or investing in loans, including assignments and
participation interests.
(h) The Fund may, notwithstanding any other fundamental investment
policy or limitation, invest all of its assets in the securities of
a single open-end management investment company with substantially
the same fundamental investment objectives, policies and
restrictions as the Fund.
The investment restrictions set forth above provide Financial Services Fund and
Infrastructure Fund with the ability to operate under new interpretations of
the 1940 Act or pursuant to exemptive relief from the SEC without receiving
prior shareholder approval of the change. Even though the Funds have this
flexibility, the Board of Trustees has adopted internal guidelines for each
Fund relating to certain of these restrictions which the advisor must follow in
managing the Funds. Any changes to these guidelines, which are set forth below,
require the approval of the Board of Trustees.
NON-FUNDAMENTAL RESTRICTIONS
The following restrictions apply to Financial Services Fund and Infrastructure
Fund. They may be changed for either Fund without approval of that Fund's
voting securities.
1. In complying with the fundamental restriction regarding issuer
diversification, the Fund will not, with respect to 75% of its total
assets, purchase the securities of any issuer (other than securities
issued or guaranteed by the U.S. Government or any of its agencies
or instrumentalities), if, as a result, (i) more than 5% of the
Fund's total assets would be invested in the securities of that
issuer, or (ii) the Fund would hold more than 10% of the outstanding
voting securities of that issuer. The Fund may (i) purchase
securities of other investment companies as permitted by Section
12(d)(1) of the 1940 Act and (ii) invest its assets in securities of
other money market funds and lend money to other investment
companies and their series portfolios that have AIM or an affiliate
of AIM as an
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investment advisor (an "AIM Advised Fund"), subject to the terms and
conditions of any exemptive orders issued by the SEC.
2. In complying with the fundamental restriction regarding borrowing
money and issuing senior securities, the Fund may borrow money in an
amount not exceeding 33 1/3% of its total assets (including the
amount borrowed) less liabilities (other than borrowings). The Fund
may borrow from banks, broker-dealers or an AIM Advised Fund. The
Fund may not borrow for leveraging, but may borrow for temporary or
emergency purposes, in anticipation of or in response to adverse
market conditions, or for cash management purposes. The Fund may not
purchase additional securities when any borrowings from banks exceed
5% of the Fund's total assets.
3. For purposes of AIM Global Financial Services Fund's fundamental
investment restriction regarding industry concentration, financial
services companies include those that provide, and derive at least
40% of their revenues from, financial services (such as commercial
banks, insurance companies, investment management companies, trust
companies, savings banks, insurance brokerages, securities
brokerages, investment banks, leasing companies, and real
estate-related companies).
For purposes of AIM Global Infrastructure Fund's fundamental
investment restriction regarding industry concentration,
infrastructure companies include those that design, develop, or
provide products and services significant to a country's
infrastructure, and derive at least 40% of their revenues from these
products and services (such as transportation systems,
communications equipment and services, nuclear power and other
energy sources, water supply, and oil, gas, and coal exploration).
4. In complying with the fundamental restriction with regard to
making loans, the Fund may lend up to 33 1/3% of its total assets
and may lend money to an AIM Advised Fund, on such terms and
conditions as the SEC may require in an exemptive order.
5. Notwithstanding the fundamental restriction with regard to
investing all assets in an open-end fund, the Fund may not invest
all of its assets in the securities of a single open-end management
investment company with the same fundamental investment objectives,
policies and restrictions as the Fund.
If a percentage restriction is adhered to at the time of investment, a later
change in percentage resulting from changes in values of assets will not be
considered a violation of the restriction.
