AMENDMENT NO. 1 TO MASTER INVESTMENT ADVISORY AGREEMENT

                                                                SUB-ITEM 77Q1(e)



                                 AMENDMENT NO. 1
                                       TO
                      MASTER INVESTMENT ADVISORY AGREEMENT


     The Master Investment Advisory Agreement (the "Agreement"), dated September
11, 2000, between AIM Advisor Funds, a Delaware business trust, and A I M
Advisors, Inc., a Delaware corporation, is hereby amended as follows:

                              W I T N E S S E T H:

     WHEREAS, the parties desire to amend the Agreement to delete a portfolio,
AIM Advisor Flex Fund and to change the names of two portfolios, AIM Advisor
International Value Fund and AIM Advisor Real Estate Fund to AIM International
Value Fund and AIM Real Estate Fund, respectively;

     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
------------                              ------------------------------------

AIM International Value Fund              September 11, 2000

AIM Real Estate Fund                      September 11, 2000"



                                   "APPENDIX B
                           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.

                          AIM INTERNATIONAL VALUE FUND

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

All Assets.......................................................   1.00%


                              AIM REAL ESTATE FUND
NET ASSETS                                                       ANNUAL RATE
----------                                                       -----------

All Assets.......................................................   0.90%"


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

Dated: September 10, 2001


                                                   AIM ADVISOR FUNDS


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


(SEAL)

                                                   A I M ADVISORS INC.


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


(SEAL)


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