EXHIBIT d(1)(b)

                                 AMENDMENT NO. 1
                                       TO
                      MASTER INVESTMENT ADVISORY AGREEMENT


         This Amendment dated as of July 1, 2002, amends the Master Investment
Advisory Agreement (the "Agreement"), dated June 21, 2000, between AIM
International Funds, Inc., a Maryland corporation, and A I M Advisors, Inc., a
Delaware corporation.

                                   WITNESSETH:

         WHEREAS, the parties desire to amend the Agreement to reflect the name
change of AIM Asian Growth Fund to AIM Asia Pacific Growth Fund, AIM European
Development Fund to AIM European Growth Fund and AIM International Equity Fund
to AIM International 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 Asia Pacific Growth Fund                            June 21, 2000

AIM European Growth Fund                                June 21, 2000

AIM Global Aggressive Growth Fund                       June 21, 2000

AIM Global Growth Fund                                  June 21, 2000

AIM Global Income Fund                                  June 21, 2000

AIM International Growth Fund                           June 21, 2000






                                   APPENDIX B
                           COMPENSATION TO THE ADVISOR


         The Company 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 ASIA PACIFIC GROWTH FUND
                            AIM EUROPEAN GROWTH FUND

NET ASSETS                                                           ANNUAL RATE

First $500 million.....................................................0.95%
Over $500 million......................................................0.90%


                        AIM GLOBAL AGGRESSIVE GROWTH FUND

NET ASSETS                                                           ANNUAL RATE

First $1 billion.......................................................0.90
Over $1 billion........................................................0.85%


                             AIM GLOBAL GROWTH FUND

NET ASSETS                                                           ANNUAL RATE

First $1 billion.......................................................0.85%
Over $1 billion........................................................0.80%


                             AIM GLOBAL INCOME FUND

NET ASSETS                                                           ANNUAL RATE

First $1 billion.......................................................0.70%
Over $1 billion........................................................0.65%


                                       2



                          AIM INTERNATIONAL GROWTH FUND

NET ASSETS                                                           ANNUAL RATE

First $1 billion.......................................................0.95%
Over $1 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 INTERNATIONAL FUNDS, INC.


Attest: /s/ P. MICHELLE GRACE           By: /s/ ROBERT H. GRAHAM
        ---------------------------        -------------------------------------
           Assistant Secretary             Robert H. Graham
                                           President


(SEAL)

                                       A I M ADVISORS, INC.


Attest: /s/ P. MICHELLE GRACE           By: /s/ ROBERT H. GRAHAM
        ---------------------------        -------------------------------------
           Assistant Secretary             Robert H. Graham
                                           President


(SEAL)


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