<PAGE>   1
                               RETAIL CLASSES OF

                               AIM BLUE CHIP FUND
                                AIM CHARTER FUND
                              AIM WEINGARTEN FUND
                             AIM CONSTELLATION FUND
                           AIM AGGRESSIVE GROWTH FUND
                          AIM CAPITAL DEVELOPMENT FUND

                             (SERIES PORTFOLIOS OF
                            AIM EQUITY FUNDS, INC.)

                    Supplement dated August 30, 1996 to the
                      Statement of Additional Information
                dated June 3, 1996 as supplemented June 27, 1996


     The section under the caption "INVESTMENT OBJECTIVES AND POLICIES -- Short
Sales" on page 14 is revised to reflect that AIM Capital Development Fund
currently intends to enter into short sales "against the box".



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