AMENDMENT NO. 4
                                       TO
                      MASTER INVESTMENT ADVISORY AGREEMENT

         This Amendment dated as of July 1, 2004, amends the Master Investment
Advisory Agreement (the "Agreement"), dated June 21, 2000, between AIM Equity
Funds, a Delaware statutory trust, and A I M Advisors, Inc., a Delaware
corporation.

                                  WITNESSETH:

         WHEREAS, the parties desire to amend the Agreement to reduce the
advisory fee for the AIM Dent Demographic Trends Fund;

         NOW, THEREFORE, the parties agree as follows;

         1.       Appendix B to the Agreement are hereby deleted in their
                  entirety and replaced with the following:


                                   "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 AGGRESSIVE GROWTH FUND



NET ASSETS                                                                                              ANNUAL RATE
----------                                                                                              -----------
                                                                                                     
First $150 million...................................................................................       0.80%
Over $150 million....................................................................................      0.625%



                               AIM BLUE CHIP FUND
                          AIM CAPITAL DEVELOPMENT FUND



NET ASSETS                                                                                              ANNUAL RATE
----------                                                                                              -----------
                                                                                                     
First $350 million..................................................................................        0.75%
Over $350 million....................................................................................      0.625%






                                AIM CHARTER FUND
                             AIM CONSTELLATION FUND




NET ASSETS                                                                                              ANNUAL RATE
----------                                                                                              -----------
                                                                                                     
First $30 million....................................................................................      1.00%
Over $30 million to and including $150 million.......................................................      0.75%
Over $150 million....................................................................................     0.625%




                        AIM DENT DEMOGRAPHIC TRENDS FUND



NET ASSETS                                                                                              ANNUAL RATE
----------                                                                                              -----------
                                                                                                     
First $2 billion.....................................................................................      0.77%
Over $2 billion......................................................................................      0.72%



                            AIM EMERGING GROWTH FUND



NET ASSETS                                                                                              ANNUAL RATE
----------                                                                                              -----------
                                                                                                     
First $1 billion.....................................................................................      0.85%
Over $1 billion......................................................................................      0.80%




                         AIM LARGE CAP BASIC VALUE FUND



NET ASSETS                                                                                              ANNUAL RATE
----------                                                                                              -----------
                                                                                                     
First $1 billion.....................................................................................      0.60%
Over $1 billion to and including $ 2 billion.........................................................     0.575%
Over $2 billion......................................................................................      0.55%



                            AIM CORE STRATEGIES FUND
                          AIM DIVERSIFIED DIVIDEND FUND
                            AIM LARGE CAP GROWTH FUND



NET ASSETS                                                                                              ANNUAL RATE
----------                                                                                              -----------
                                                                                                     
First $1 billion.....................................................................................      0.75%
Over $1 billion to and including $ 2 billion.........................................................      0.70%
Over $2 billion......................................................................................     0.625%






                             AIM MID CAP GROWTH FUND




NET ASSETS                                                                                              ANNUAL RATE
----------                                                                                              -----------
                                                                                                     
First $1 billion.....................................................................................      0.80%
Over $1 billion......................................................................................      0.75%


                              AIM U.S. GROWTH FUND
                             AIM BASIC VALUE II FUND



NET ASSETS                                                                                              ANNUAL RATE
----------                                                                                              -----------
                                                                                                     
First $1 billion.....................................................................................      0.75%
Over $1 billion to and including $2 billion..........................................................      0.70%
Over $2 billion......................................................................................      0.65%




                               AIM WEINGARTEN FUND



NET ASSETS                                                                                              ANNUAL RATE
----------                                                                                              -----------
                                                                                                     
First $30 million....................................................................................      1.00%
Over $30 million to and including $350 million.......................................................      0.75%
Over $350 million....................................................................................     0.625%"



         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 EQUITY FUNDS


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


(SEAL)

                                              A I M ADVISORS INC.


Attest:   /s/ Lisa A. Moss                    By: /s/ Mark H. Williamson
          ----------------                        ----------------------
          Assistant Secretary                       Mark H. Williamson
                                                    President


(SEAL)