EXHIBIT d(1)(c)

                                 AMENDMENT NO. 2
                                       TO
                      MASTER INVESTMENT ADVISORY AGREEMENT


         This Amendment dated as of September 1, 2001, amends the Master
Investment Advisory Agreement (the "Agreement"), dated June 5, 2000, between AIM
Growth Series, a Delaware business trust, and A I M Advisors, Inc., a Delaware
corporation.

                                   WITNESSETH:

         WHEREAS, the parties desire to amend the Agreement to add two new
portfolios, the AIM Mid Cap Equity Fund and AIM Euroland Growth Fund;

         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 Basic Value Fund                                                      June 5, 2000

AIM Euroland Growth Fund                                                September 1, 2001

AIM Mid Cap Equity Fund                                                 September 1, 2001

AIM Small Cap Growth 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 BASIC VALUE FUND
                             AIM MID CAP EQUITY FUND
                            AIM SMALL CAP GROWTH FUND



NET ASSETS                                                                                              ANNUAL RATE
----------                                                                                              -----------
                                                                                                     
First $500 million...................................................................................      0.725%
Next $500 million....................................................................................      0.70%
Next $500 million....................................................................................      0.675%
Excess over $1.5 billion.............................................................................      0.65%


                            AIM EUROLAND GROWTH FUND



NET ASSETS                                                                                             ANNUAL RATE
----------                                                                                             -----------
                                                                                                    
First $500 million...................................................................................     0.975%
Next $500 million....................................................................................     0.95%
Next $500 million....................................................................................     0.925%
Excess over $1.5 billion.............................................................................     0.90%"


         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 GROWTH SERIES


Attest: /s/ OFELIA M. MAYO                  By: /s/ ROBERT H. GRAHAM
       --------------------------------        ---------------------------------
       Assistant Secretary                     Robert H. Graham
                                               President

(SEAL)

                                            A I M ADVISORS, INC.


Attest: /s/ OFELIA M. MAYO                  By: /s/ ROBERT H. GRAHAM
       --------------------------------        ---------------------------------
       Assistant Secretary                     Robert H. Graham
                                               President

(SEAL)



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