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EXHIBIT 5(d)
AMENDMENT NO. 1
TO
MASTER INVESTMENT ADVISORY AGREEMENT
This Amendment dated as of September ______, 1997, amends the Master
Investment Advisory Agreement (the "Agreement"), dated February 28, 1997,
between AIM Tax-Exempt Funds, Inc., a Maryland corporation (the "Company"),
and A I M Advisors, Inc., a Delaware corporation (the "Advisor").
W I T N E S S E T H:
WHEREAS, the parties desire to amend the Agreement to add one new
portfolio, the AIM High Income Municipal Fund;
NOW, THEREFORE, the parties agree as follows;
1. Appendix A to the Agreement is hereby deleted in its entirety
and replaced with the following:
"APPENDIX A
TO
MASTER INVESTMENT ADVISORY AGREEMENT
OF
AIM TAX-EXEMPT FUNDS, INC.
The Company shall pay the Advisor, out of the assets of a Fund, as
full compensation for all services rendered and all facilities furnished
hereunder, a management 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.
AIM TAX-FREE INTERMEDIATE FUND
NET ASSETS ANNUAL RATE
---------- -----------
First $500 million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.30%
Over $500 million to and including $1 billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%
Over $1 billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.20%
AIM TAX-EXEMPT BOND FUND OF CONNECTICUT
NET ASSETS ANNUAL RATE
---------- -----------
All Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%
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AIM TAX-EXEMPT CASH FUND
NET ASSETS ANNUAL RATE
---------- -----------
All Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.35%
AIM HIGH INCOME MUNICIPAL FUND
NET ASSETS ANNUAL RATE
---------- -----------
First $500 million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.60%
Over $500 million to and including $1 billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.55%
Over $1 billion to and including $1.5 billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%
Over $1.5 billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.45%"
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 Amendment to be
executed by their respective officers on the date first written above.
Dated: September , 1997
-------
AIM TAX-EXEMPT FUNDS, INC.
Attest: By:
-------------------------------- -------------------------------
Assistant Secretary President
(SEAL)
A I M ADVISORS, INC.
Attest: By:
-------------------------------- -------------------------------
Assistant Secretary President
(SEAL)
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