EXHIBIT 11


               (BALLARD SPAHR ANDREWS & INGERSOLL, LLP LETTERHEAD)


                                                              August 12, 2003


AIM Advisor Funds
11 Greenway Plaza, Suite 100
Houston, TX  77046-1173

Ladies and Gentlemen:

                  We have acted as counsel to AIM Advisor Funds, a Delaware
statutory trust (the "Trust"), in connection with that certain Agreement and
Plan of Reorganization (the "Plan") by and among the Trust, on behalf of its
series portfolio, AIM Real Estate Fund ("Buying Fund"), INVESCO Sector Funds,
Inc., a Maryland corporation, on behalf of its series portfolio, INVESCO Real
Estate Opportunity Fund ("Selling Fund"), A I M Advisors, Inc., a Delaware
corporation, and INVESCO Funds Group, Inc., a Delaware corporation, which
provides for the reorganization of Selling Fund with and into Buying Fund (the
"Reorganization"). Pursuant to the Plan, all of the assets of Selling Fund will
be transferred to Buying Fund, Buying Fund will assume all of the liabilities of
Selling Fund and the Trust will issue shares of each class of Buying Fund to
shareholders of Selling Fund corresponding to the class of shares of Selling
Fund held by such shareholders. The value of each Selling Fund shareholder's
account with Buying Fund after the Reorganization will be the same as the value
of such shareholder's account with Selling Fund immediately prior to the
Reorganization.

                  In connection with our giving this opinion, we have examined
copies of the Trust's Certificate of Trust, Amended and Restated Agreement and
Declaration of Trust, as amended (the "Trust Agreement"), and resolutions of the
Board of Trustees adopted June 10-11, 2003, and originals or copies, certified
or otherwise identified to our satisfaction, of such other documents, records
and other instruments as we have deemed necessary or advisable for purposes of
this opinion. As to various questions of fact material to our opinion, we have
relied upon information provided by officers of the Trust.

                  The opinion expressed below is based on the assumption that a
Registration Statement on Form N-14 with respect to the classes of shares of
Buying Fund to be issued to the shareholders of Selling Fund pursuant to the
Plan, as set forth on Exhibit A hereto (the "Buying Fund Shares"), will have
been filed by the Trust with the Securities and Exchange Commission and will
have become effective before the Reorganization occurs.




AIM Advisor Funds
August 12, 2003
Page 2


                  Based on the foregoing, we are of the opinion that the Buying
Fund Shares are duly authorized and, when issued by the Trust to the
shareholders of Selling Fund in accordance with the terms and conditions of the
Plan, will be legally issued, fully paid and nonassessable.

                  We express no opinion concerning the laws of any jurisdiction
other than the federal laws of the United States of America and the Delaware
Statutory Trust Act.

                  Both the Delaware Statutory Trust Act and the Trust Agreement
provide that shareholders of the Trust shall be entitled to the same limitation
on personal liability as is extended under the Delaware General Corporation Law
to stockholders of private corporations for profit. There is a remote
possibility, however, that, under certain circumstances, shareholders of a
Delaware statutory trust may be held personally liable for that trust's
obligations to the extent that the courts of another state which does not
recognize such limited liability were to apply the laws of such state to a
controversy involving such obligations. The Trust Agreement also provides for
indemnification out of property of a fund for all loss and expense of any
shareholder held personally liable for the obligations of that fund. Therefore,
the risk of any shareholder incurring financial loss beyond his investment due
to shareholder liability is limited to circumstances in which a fund is unable
to meet its obligations and the express limitation of shareholder liabilities is
determined not to be effective.

                  We consent to the filing of this opinion as an Exhibit to the
Trust's Registration Statement on Form N-14 and to the references to our firm
under the following captions under the heading "Proposal 1 - Approval of the
Agreement to Combine Your Fund and Buying Fund": "Summary - The Reorganization,"
"Additional Information About the Agreement - Other Terms," "Additional
Information About the Agreement - Federal Income Tax Consequences" and "Legal
Matters," and under the caption "The Federal Income Tax Consequences of the
Redomestication" under the heading "Proposal 5 - Approval of the Plan to
Redomesticate Company as a Delaware Statutory Trust" in the combined Proxy
Statement/Prospectus for Selling Fund, which is included in such Registration
Statement.

                                      Very truly yours,



                                      s/ Ballard Spahr Andrews & Ingersoll, LLP





                                    EXHIBIT A
                               BUYING FUND SHARES

AIM Real Estate Fund
         Class A shares
         Class B shares
         Class C shares
         Investor Class shares