SUB-ITEM 77K

                        CHANGE IN CERTIFYING ACCOUNTANT

                               AIM EQUITY FUNDS



KPMG LLP were previously the independent public accountants for all of the
portfolios (the "Funds") of AIM Equity Funds (the "Trust"). Due to an
investment in another AIM Fund, which KPMG LLP represented to the Funds was
inadvertent, and new SEC rules regarding auditor independence, KPMG LLP
resigned as independent public accountants of the Funds as of December 28,
2000. The Board of Trustees of the Trust, upon recommendation of its Audit
Committee, accepted the resignation of KPMG LLP and appointed Ernst & Young LLP
as independent public accountants for the Trust. KPMG LLP had served as
independent public accountants for the year ended October 31, 2000. The audit
report of KPMG LLP on the financial statements of the Funds for the year ended
October 31, 2000 did not contain any adverse opinion or disclaimer of opinion,
nor were they qualified or modified as to uncertainty, audit scope, or
accounting principles. In connection with the audit for the year ended October
31, 2000, there were no disagreements with KPMG LLP on any matter of accounting
principles or practices, financial statement disclosure, or auditing scope or
procedures, which disagreements if not resolved to their satisfaction would
have caused them to make reference in connection with their opinion to the
subject matter of the disagreement.

Neither the Trust nor anyone on its behalf consulted with Ernst & Young LLP at
any time prior to their engagement with respect to the application of
accounting principles to a specified transaction, either completed or proposed
or the type of audit opinion that might be rendered on the Funds' financial
statements.