AMENDMENT NO. 1 TO MASTER INVESTMENT ADVISORY AGREEMENT

                                                               SUB-ITEM 77Q1(e)

                                AMENDMENT NO. 1
                                       TO
                      MASTER INVESTMENT ADVISORY AGREEMENT


         This Amendment dated as of October 15, 2004, amends the Master
Investment Advisory Agreement (the "Agreement"), dated November 25, 2003,
between AIM Treasurer's Series Trust, a Delaware statutory trust, and A I M
Advisors, Inc., a Delaware corporation.

                              W I T N E S S E T H:

         WHEREAS, the parties desire to amend the Agreement to change the name
of INVESCO Treasurer's Money Market Reserve Fund to Premier Portfolio and
INVESCO Treasurer's Tax-Exempt Reserve Fund to Premier Tax-Exempt Portfolio;

         NOW, THEREFORE, the parties agree as follows;


         1.       Appendix A and Appendix B to the Agreement are hereby deleted
                  in their entirety and replaced with the following:



                                  "APPENDIX A
                           FUNDS AND EFFECTIVE DATES



NAME OF FUND                             EFFECTIVE DATE OF ADVISORY AGREEMENT
------------                             ------------------------------------

Premier Portfolio                                     November 25, 2003

Premier Tax-Exempt Portfolio                          November 25, 0000


                                   XXXXXXXX X
                          COMPENSATION TO THE ADVISOR


         The Trust shall pay the Advisor, out of the assets of a Fund, as full
compensation for all services rendered, an advisory fee for such Fund set forth
below. Such fee shall be calculated by applying the following annual rates to
the average daily net assets of such Fund for the calendar year computed in the
manner used for the determination of the net asset value of shares of such
Fund.




                               PREMIER PORTFOLIO
                          PREMIER TAX-EXEMPT PORTFOLIO


NET ASSETS                                                       ANNUAL RATE
----------                                                       -----------

All Assets....................................................        0.25%"

         2.       In all other respects, the Agreement is hereby confirmed and
                  remains in full force and effect.


         IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed by their respective officers on the date first written above.


                                              AIM TREASURER'S SERIES TRUST
                                              (a Delaware statutory trust)


Attest:   /s/ P. Xxxxxxxx Xxxxx               By:    /s/ Xxxxxx X. Xxxxxx
          --------------------------------           -------------------------
              Assistant Secretary                       Xxxxxx X. Xxxxxx
                                                        President


(SEAL)


                                              A I M ADVISORS, INC.


Attest:   /s/ P. Xxxxxxxx Xxxxx               By:    /s/ Xxxxxx X. Xxxxxx
          --------------------------------           -------------------------
              Assistant Secretary                       Xxxx X. Xxxxxxxxxx
                                                        President


(SEAL)

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