Exhibit h(2)(b)

                                AMENDMENT NO. 1
                   MASTER ADMINISTRATIVE SERVICES AGREEMENT


     The Master Administrative Services Agreement (the "Agreement"), dated
June 1, 2000, by and between A I M Advisors, Inc., a Delaware corporation, and
Short-Term Investments Co., a Maryland corporation, is hereby amended as
follows:

     Section 3 of the Agreement is hereby deleted in its entirety and replaced
with the following:

          "3.  As full compensation for the services performed and the
     facilities furnished by or at the direction of the Administrator, the
     Portfolios shall reimburse the Administrator for expenses incurred by them
     or their affiliates in accordance with the methodologies established from
     time to time by the Company's Board of Directors.  Such amounts shall be
     paid to the Administrator on a monthly basis."

     All other terms and provisions of the Agreement not amended herein shall
remain in full force and effect.

Dated:  May 9, 2001

                                    A I M ADVISORS, INC.


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


(SEAL)


                                    SHORT-TERM INVESTMENTS CO.


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

(SEAL)