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                            INSTITUTIONAL CLASSES OF



                                AIM CHARTER FUND
                               AIM WEINGARTEN FUND
                             AIM CONSTELLATION 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 25 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."



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