AMENDMENT NO 1
                                       TO
                                CUSTODY AGREEMENT

          This Amendment No. 1 (the "Amendment") to that certain Custody
Agreement dated as of September 19, 2000 between AIM Variable Insurance Funds
(the "Fund") and The Bank of New York (the "Custodian") (hereinafter the
"Custody Agreement") is made as of May 31, 2005.

                                  WITNESSETH:

          WHEREAS, the Fund desires to execute an Agreement with JP Morgan Chase
Bank, N.A.;

          NOW, THEREFORE, the Fund and the Custodian hereby amend the Custody
Agreement as follows:

          1.   Section 7 of Article XV is hereby renumbered Section 7(a).

          2.   A new Section 7(b) is hereby added to Article XV to read in its
               entirety as follows:

               "(b) Notwithstanding any other provision in this Agreement, the
          Fund shall appoint JP Morgan Chase Bank, N.A. (the "Bank") by
          executing the form of Agreement attached hereto (the "Agreement"). The
          Fund agrees that notwithstanding any other provision in this
          Agreement: (1) the Custodian shall have no duty to supervise or
          monitor the Bank under the Agreement, nor shall the Custodian have any
          liability for the acts or omissions of the Bank, for its appointment,
          or for its receiving, holding, or disbursing any assets; and (2)
          without limiting the generality of the foregoing, the Fund shall
          indemnify and hold harmless the Custodian from and against any loss,
          liability, claim, expense or demand incurred by the Custodian relating
          to or arising out of the Agreement or the appointment or actions or
          omissions of the Bank. The provisions of this Section 7(b) shall
          survive any resignation of the Custodian or the terms of this
          Agreement."


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          IN WITNESS WHEREOF, the parties hereto have caused this Amendment No.
1 to be executed by their respective officers, thereof to duly authorize as of
the day and year first above written.

                                        AIM VARIABLE INSURANCE FUNDS


                                        By: /s/ Sidney M. Dilgren
                                            ------------------------------------
                                        Name: Sidney Dilgren
                                        Title: Vice President & Fund Treasurer


                                        THE BANK OF NEW YORK


                                        By: /s/ Edward G. McGann
                                            ------------------------------------
                                        Name: Edward G. McGann
                                        Title: Managing Director


Attest:


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

(seal)


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