SUB-ITEM 77Q1(e)

                                AMENDMENT NO. 2
                                       TO
                      MASTER INVESTMENT ADVISORY AGREEMENT


     This Amendment dated as of July 1, 2002, amends 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.

                              W I T N E S S E T H:

     WHEREAS, the parties desire to amend the Agreement to reflect the name
change of AIM International Value Fund to AIM International Core Equity 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 International Core Equity 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 CORE EQUITY 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.

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


                                            AIM ADVISOR FUNDS


Attest:   /s/ Lisa Moss                     By:    /s/ Robert H. Graham
          -----------------------------            ---------------------------
              Assistant Secretary                     Robert H. Graham
                                                      President

(SEAL)
                                            A I M ADVISORS, INC.


Attest:   /s/ Lisa Moss                     By:    /s/ Robert H. Graham
          -----------------------------            ---------------------------
              Assistant Secretary                     Robert H. Graham
                                                      President

(SEAL)