<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 July 1, 1998 to the Statement
of Additional Information dated February 27, 1998
The second sentence in the first paragraph under the caption "INVESTMENT
OBJECTIVES AND POLICIES - Futures Contracts" on page 14 is deleted and replaced
in its entirety by the following:
"In cases of purchases of futures contracts, an amount of liquid assets,
equal to the cost of the futures contracts (less any related margin deposits),
will be segregated to collateralize the position and ensure that the use of such
futures contracts is unleveraged."