<PAGE> PAGE 1
000 B000000 12/31/96
000 C000000 0000731273
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 INVESCO ADVISOR FUNDS, INC.
001 B000000 811-3886
001 C000000 4048920666
002 A000000 1315 PEACHTREE STREET, N.E.
002 B000000 ATLANTA
002 C000000 GA
002 D010000 30309
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 7
007 C010100 1
007 C020100 EQUITY PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 INCOME PORTFOLIO
007 C030200 N
007 C010300 3
007 C020300 FLEX PORTFOLIO
007 C030300 N
007 C010400 4
007 C020400 CASH MANAGEMENT PORTFOLIO
007 C030400 N
007 C010500 5
007 C020500 MULTIFLEX PORTFOLIO
007 C030500 N
007 C010600 6
007 C010700 7
007 C020700 REAL ESTATE PORTFOLIO
007 C030700 N
007 C010800 8
007 C020800 INTERNATIONAL VALUE PORTFOLIO
007 C030800 N
007 C010900 9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
<PAGE> PAGE 2
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
007 C012100 21
007 C012200 22
007 C012300 23
007 C012400 24
007 C012500 25
007 C012600 26
007 C012700 27
007 C012800 28
007 C012900 29
007 C013000 30
007 C013100 31
007 C013200 32
007 C013300 33
007 C013400 34
007 C013500 35
007 C013600 36
007 C013700 37
007 C013800 38
007 C013900 39
007 C014000 40
007 C014100 41
007 C014200 42
007 C014300 43
007 C014400 44
007 C014500 45
007 C014600 46
007 C014700 47
007 C014800 48
007 C014900 49
007 C015000 50
007 C015100 51
007 C015200 52
007 C015300 53
007 C015400 54
007 C015500 55
007 C015600 56
007 C015700 57
007 C015800 58
007 C015900 59
007 C016000 60
007 C016100 61
007 C016200 62
007 C016300 63
007 C016400 64
007 C016500 65
007 C016600 66
<PAGE> PAGE 3
007 C016700 67
007 C016800 68
007 C016900 69
007 C017000 70
007 C017100 71
007 C017200 72
007 C017300 73
007 C017400 74
007 C017500 75
007 C017600 76
007 C017700 77
007 C017800 78
007 C017900 79
007 C018000 80
007 C018100 81
007 C018200 82
007 C018300 83
007 C018400 84
007 C018500 85
007 C018600 86
007 C018700 87
007 C018800 88
007 C018900 89
007 C019000 90
010 A00AA01 FPS SERVICES, INC.
010 B00AA01 084932
010 C01AA01 KING OF PRUSSIA
010 C02AA01 PA
010 C03AA01 19406
010 C04AA01 0903
012 A00AA01 FPS SERVICES, INC.
012 B00AA01 84-932
012 C01AA01 KING OF PRUSSIA
012 C02AA01 PA
012 C03AA01 19406
012 C04AA01 0903
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 DENVER
013 B02AA01 CO
013 B03AA01 80202
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 18
019 C00AA00 ADVISORINV
020 A000001 BEAR STEARNS & CO.
020 B000001 13-3299429
020 C000001 123
020 A000002 CANTOR FITZGERALD
020 B000002 13-3680182
020 C000002 66
020 A000003 ITG
<PAGE> PAGE 4
020 B000003 95-4339369
020 C000003 59
020 A000004 RAYMOND JAMES & ASSOC
020 B000004 59-1237041
020 C000004 49
020 A000005 PERSHING & CO
020 B000005 13-2741729
020 C000005 39
020 A000006 INSTINET CORP
020 B000006 13-3443395
020 C000006 39
020 A000007 FINANCIAL NETWORK
020 B000007 95-3845382
020 C000007 36
020 A000008 GREENSTREET ADVISORS
020 B000008 33-0275837
020 C000008 35
020 A000009 LINSCO PRIVATE PLACEMENT
020 B000009 85-2834236
020 C000009 31
020 A000010 PAINE WEBBER
020 B000010 13-2638166
020 C000010 23
021 000000 732
022 A000001 FIRST BOSTON CORP.
022 B000001 13-5659485
022 C000001 141895
022 D000001 799
022 A000002 MERRILL LYNCH PIERCE FENNER
022 B000002 13-5674085
022 C000002 73898
022 D000002 9912
022 A000003 GOLDMAN SACHS
022 B000003 13-5108880
022 C000003 60476
022 D000003 2845
022 A000004 BANK OF AMERICA
022 B000004 94-1687665
022 C000004 58869
022 D000004 900
022 A000005 SALOMON BROTHERS INC.
022 B000005 13-3082694
022 C000005 41894
022 D000005 0
022 A000006 HSBC SECURITIES
022 B000006 13-2650272
022 C000006 18224
022 D000006 21036
022 A000007 BEAR STEARNS & CO.
022 B000007 13-3299429
022 C000007 20105
<PAGE> PAGE 5
022 D000007 15129
022 A000008 LEHMAN BROTHERS
022 B000008 13-2518466
022 C000008 25907
022 D000008 7315
022 A000009 SMITH BARNEY
022 B000009 13-1912900
022 C000009 19951
022 D000009 2910
022 A000010 DONALDSON LUFKIN & JENRETTE
022 B000010 13-2741729
022 C000010 9243
022 D000010 8983
023 C000000 546698
023 D000000 128224
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
078 000000 N
080 A00AA00 FEDERAL INSURANCE COMPANY
080 C00AA00 30000
081 A00AA00 Y
081 B00AA00 56
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
008 A000101 INVESCO SERVICES, INC.
008 B000101 A
008 C000101 801-19341
008 D010101 ATLANTA
008 D020101 GA
008 D030101 30309
008 A000102 INVESCO CAPITAL MANAGEMENT, INC.
<PAGE> PAGE 6
008 B000102 S
008 C000102 801-33949
008 D010102 ATLANTA
008 D020102 GA
008 D030102 30309
028 A010100 1083
028 A020100 0
028 A030100 0
028 A040100 1732
028 B010100 1293
028 B020100 0
028 B030100 0
028 B040100 571
028 C010100 1951
028 C020100 103
028 C030100 0
028 C040100 625
028 D010100 1246
028 D020100 0
028 D030100 0
028 D040100 697
028 E010100 872
028 E020100 0
028 E030100 0
028 E040100 898
028 F010100 837
028 F020100 0
028 F030100 0
028 F040100 3180
028 G010100 7282
028 G020100 103
028 G030100 0
028 G040100 7703
028 H000100 0
034 000100 Y
035 000100 2
036 A000100 N
036 B000100 0
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
<PAGE> PAGE 7
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 0.0
066 A000100 Y
066 D000100 Y
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 N
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 24762
071 B000100 22510
<PAGE> PAGE 8
071 C000100 120379
071 D000100 19
072 A000100 12
072 B000100 256
072 C000100 2895
072 D000100 0
072 E000100 0
072 F000100 946
072 G000100 0
072 H000100 0
072 I000100 0
072 J000100 0
072 K000100 0
072 L000100 0
072 M000100 11
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 0
072 S000100 0
072 T000100 1261
072 U000100 0
072 V000100 0
072 W000100 631
072 X000100 2849
072 Y000100 0
072 Z000100 302
072AA000100 5485
072BB000100 0
072CC010100 14241
072CC020100 0
072DD010100 327
072DD020100 0
072EE000100 0
073 A010100 0.1960
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 5715
074 D000100 0
074 E000100 1488
074 F000100 130207
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 308
<PAGE> PAGE 9
074 M000100 5
074 N000100 137723
074 O000100 0
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 307
074 S000100 0
074 T000100 137416
074 U010100 1670
074 U020100 0
074 V010100 82.29
074 V020100 82.29
074 W000100 0.0000
074 X000100 1559
074 Y000100 0
075 A000100 0
075 B000100 126155
076 000100 0.00
008 A000201 INVESCO SERVICES, INC.
008 B000201 A
008 C000201 801-19341
008 D010201 ATLANTA
008 D020201 GA
008 D030201 30309
008 A000202 INVESCO CAPITAL MANAGEMENT
008 B000202 S
008 C000202 801-33949
008 D010202 ATLANTA
008 D020202 GA
008 D030202 30309
028 A010200 354
028 A020200 124
028 A030200 0
028 A040200 386
028 B010200 306
028 B020200 108
028 B030200 0
028 B040200 577
028 C010200 266
028 C020200 103
028 C030200 0
028 C040200 1530
028 D010200 112
028 D020200 103
028 D030200 0
028 D040200 673
028 E010200 117
028 E020200 95
<PAGE> PAGE 10
028 E030200 0
028 E040200 1298
028 F010200 269
028 F020200 92
028 F030200 0
028 F040200 787
028 G010200 1424
028 G020200 625
028 G030200 0
028 G040200 5251
028 H000200 0
034 000200 Y
035 000200 1
036 A000200 N
036 B000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.650
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
062 A000200 Y
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
<PAGE> PAGE 11
062 K000200 0.0
062 L000200 1.5
062 M000200 69.0
062 N000200 17.7
062 O000200 0.0
062 P000200 10.1
062 Q000200 0.0
062 R000200 0.0
063 A000200 0
063 B000200 8.3
064 A000200 N
064 B000200 N
066 A000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
071 A000200 9359
071 B000200 11764
071 C000200 27931
071 D000200 34
072 A000200 12
072 B000200 1968
072 C000200 0
072 D000200 0
072 E000200 1
072 F000200 188
072 G000200 0
072 H000200 0
072 I000200 0
072 J000200 0
072 K000200 0
072 L000200 0
072 M000200 3
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 0
072 S000200 0
072 T000200 173
072 U000200 0
072 V000200 0
072 W000200 145
072 X000200 509
072 Y000200 72
072 Z000200 1532
072AA000200 894
072BB000200 0
072CC010200 0
072CC020200 2885
<PAGE> PAGE 12
072DD010200 1549
072DD020200 0
072EE000200 0
073 A010200 2.6500
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 0
074 C000200 398
074 D000200 25323
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 528
074 M000200 1
074 N000200 26250
074 O000200 0
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 88
074 S000200 0
074 T000200 26162
074 U010200 535
074 U020200 0
074 V010200 48.87
074 V020200 48.87
074 W000200 0.0000
074 X000200 495
074 Y000200 0
075 A000200 0
075 B000200 28909
076 000200 0.00
028 A010300 6692
028 A020300 0
028 A030300 0
028 A040300 5306
028 B010300 6435
028 B020300 0
028 B030300 0
028 B040300 7630
028 C010300 9441
028 C020300 2025
028 C030300 0
<PAGE> PAGE 13
028 C040300 6227
028 D010300 6245
028 D020300 0
028 D030300 0
028 D040300 6189
028 E010300 8512
028 E020300 0
028 E030300 0
028 E040300 5594
028 F010300 8906
028 F020300 22200
028 F030300 0
028 F040300 9089
028 G010300 46231
028 G020300 24225
028 G030300 0
028 G040300 40035
028 H000300 0
034 000300 Y
035 000300 21
036 A000300 N
036 B000300 0
062 A000300 N
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 0
063 B000300 0.0
066 A000300 Y
066 B000300 N
066 C000300 N
066 D000300 N
066 E000300 N
066 F000300 N
066 G000300 Y
067 000300 Y
068 A000300 N
<PAGE> PAGE 14
068 B000300 N
069 000300 N
071 A000300 173296
071 B000300 113985
071 C000300 432722
071 D000300 26
072 A000300 12
072 B000300 9913
072 C000300 8281
072 D000300 0
072 E000300 8
072 F000300 3352
072 G000300 0
072 H000300 0
072 I000300 0
072 J000300 0
072 K000300 0
072 L000300 0
072 M000300 39
072 N000300 0
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 0
072 S000300 0
072 T000300 4469
072 U000300 0
072 V000300 0
072 W000300 2234
072 X000300 10094
072 Y000300 0
072 Z000300 8108
072AA000300 23531
072BB000300 0
072CC010300 26215
072CC020300 0
072DD010300 8041
072DD020300 0
072EE000300 23713
073 A010300 1.1680
073 A020300 0.0000
073 B000300 3.3900
073 C000300 0.0000
074 A000300 0
074 B000300 0
074 C000300 5737
074 D000300 144491
074 E000300 4800
074 F000300 331953
074 G000300 0
074 H000300 0
<PAGE> PAGE 15
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 4226
074 M000300 15
074 N000300 491222
074 O000300 0
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 1304
074 S000300 0
074 T000300 489918
074 U010300 7366
074 U020300 0
074 V010300 66.51
074 V020300 66.51
074 W000300 0.0000
074 X000300 5449
074 Y000300 0
075 A000300 0
075 B000300 446974
076 000300 0.00
028 A010400 2722
028 A020400 43
028 A030400 0
028 A040400 2598
028 B010400 1006
028 B020400 41
028 B030400 0
028 B040400 2228
028 C010400 2495
028 C020400 38
028 C030400 0
028 C040400 2980
028 D010400 1982
028 D020400 32
028 D030400 0
028 D040400 1352
028 E010400 3241
028 E020400 33
028 E030400 0
028 E040400 4201
028 F010400 2183
028 F020400 37
028 F030400 0
028 F040400 4631
028 G010400 13629
028 G020400 224
<PAGE> PAGE 16
028 G030400 0
028 G040400 17990
028 H000400 0
062 A000400 Y
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 96.0
062 J000400 0.0
062 K000400 0.0
062 L000400 4.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 10
063 B000400 0.0
064 A000400 N
064 B000400 N
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
071 A000400 0
071 B000400 0
071 C000400 0
071 D000400 0
072 A000400 12
072 B000400 1036
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 96
072 G000400 0
072 H000400 0
072 I000400 0
072 J000400 0
072 K000400 0
072 L000400 0
072 M000400 7
072 N000400 0
072 O000400 0
072 P000400 0
072 Q000400 0
<PAGE> PAGE 17
072 R000400 0
072 S000400 0
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 96
072 X000400 199
072 Y000400 0
072 Z000400 837
072AA000400 0
072BB000400 0
072CC010400 0
072CC020400 0
072DD010400 837
072DD020400 0
072EE000400 0
073 A010400 0.0439
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 0
074 B000400 0
074 C000400 16046
074 D000400 0
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 0
074 L000400 3
074 M000400 1
074 N000400 16050
074 O000400 0
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 104
074 S000400 0
074 T000400 15946
074 U010400 15947
074 U020400 0
074 V010400 1.00
074 V020400 1.00
074 W000400 0.9996
074 X000400 398
074 Y000400 0
075 A000400 19209
<PAGE> PAGE 18
075 B000400 0
076 000400 0.00
008 A000501 INVESCO SERVICES, INC.
008 B000501 A
008 C000501 801-19341
008 D010501 ATLANTA
008 D020501 GA
008 D030501 30309
008 A000502 INVESCO MANAGEMENT & RESEARCH, INC.
008 B000502 S
008 C000502 801-1596
008 D010502 BOSTON
008 D020502 MA
008 D030502 02110
028 A010500 7873
028 A020500 0
028 A030500 0
028 A040500 1647
028 B010500 5907
028 B020500 0
028 B030500 0
028 B040500 1622
028 C010500 4862
028 C020500 542
028 C030500 0
028 C040500 1823
028 D010500 6575
028 D020500 0
028 D030500 0
028 D040500 2258
028 E010500 6966
028 E020500 0
028 E030500 0
028 E040500 2692
028 F010500 5421
028 F020500 7126
028 F030500 0
028 F040500 3436
028 G010500 37604
028 G020500 7668
028 G030500 0
028 G040500 13478
028 H000500 0
034 000500 Y
035 000500 14
036 A000500 N
036 B000500 0
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
<PAGE> PAGE 19
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 0.0
066 A000500 Y
066 B000500 N
066 C000500 Y
066 D000500 N
066 E000500 N
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
071 A000500 186517
071 B000500 127709
071 C000500 204937
071 D000500 62
072 A000500 12
072 B000500 2874
072 C000500 4940
072 D000500 0
072 E000500 0
072 F000500 2165
072 G000500 0
072 H000500 0
072 I000500 0
072 J000500 0
072 K000500 0
072 L000500 0
072 M000500 17
072 N000500 0
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 0
072 S000500 0
072 T000500 2165
<PAGE> PAGE 20
072 U000500 0
072 V000500 0
072 W000500 965
072 X000500 5312
072 Y000500 0
072 Z000500 2502
072AA000500 10629
072BB000500 0
072CC010500 23173
072CC020500 0
072DD010500 2401
072DD020500 0
072EE000500 7382
073 A010500 0.5330
073 A020500 0.0000
073 B000500 1.5000
073 C000500 0.0000
074 A000500 14
074 B000500 0
074 C000500 14729
074 D000500 42374
074 E000500 0
074 F000500 212389
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 3821
074 K000500 0
074 L000500 1332
074 M000500 7
074 N000500 274666
074 O000500 7099
074 P000500 0
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 724
074 S000500 0
074 T000500 266843
074 U010500 5079
074 U020500 0
074 V010500 52.54
074 V020500 52.54
074 W000500 0.0000
074 X000500 3906
074 Y000500 0
075 A000500 0
075 B000500 217333
076 000500 0.00
028 A010700 846
<PAGE> PAGE 21
028 A020700 0
028 A030700 0
028 A040700 86
028 B010700 733
028 B020700 0
028 B030700 0
028 B040700 55
028 C010700 704
028 C020700 64
028 C030700 0
028 C040700 92
028 D010700 887
028 D020700 0
028 D030700 0
028 D040700 2
028 E010700 1613
028 E020700 0
028 E030700 0
028 E040700 41
028 F010700 898
028 F020700 229
028 F030700 0
028 F040700 83
028 G010700 5681
028 G020700 293
028 G030700 0
028 G040700 359
028 H000700 0
062 A000700 N
062 B000700 0.0
062 C000700 0.0
062 D000700 0.0
062 E000700 0.0
062 F000700 0.0
062 G000700 0.0
062 H000700 0.0
062 I000700 0.0
062 J000700 0.0
062 K000700 0.0
062 L000700 0.0
062 M000700 0.0
062 N000700 0.0
062 O000700 0.0
062 P000700 0.0
062 Q000700 0.0
062 R000700 0.0
063 A000700 0
063 B000700 0.0
071 A000700 12919
071 B000700 2701
071 C000700 10851
<PAGE> PAGE 22
071 D000700 25
072 A000700 12
072 B000700 35
072 C000700 603
072 D000700 0
072 E000700 0
072 F000700 102
072 G000700 0
072 H000700 0
072 I000700 0
072 J000700 0
072 K000700 0
072 L000700 0
072 M000700 0
072 N000700 0
072 O000700 0
072 P000700 0
072 Q000700 0
072 R000700 0
072 S000700 0
072 T000700 114
072 U000700 0
072 V000700 0
072 W000700 57
072 X000700 273
072 Y000700 0
072 Z000700 365
072AA000700 177
072BB000700 0
072CC010700 4153
072CC020700 0
072DD010700 333
072DD020700 0
072EE000700 134
073 A010700 1.2310
073 A020700 0.0000
073 B000700 0.3820
073 C000700 0.0000
074 A000700 0
074 B000700 0
074 C000700 1031
074 D000700 0
074 E000700 0
074 F000700 19411
074 G000700 0
074 H000700 0
074 I000700 0
074 J000700 0
074 K000700 0
074 L000700 169
074 M000700 0
<PAGE> PAGE 23
074 N000700 20611
074 O000700 0
074 P000700 0
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 45
074 S000700 0
074 T000700 20566
074 U010700 362
074 U020700 0
074 V010700 56.77
074 V020700 56.77
074 W000700 0.0000
074 X000700 690
074 Y000700 0
075 A000700 0
075 B000700 11595
076 000700 0.00
028 A010800 2892
028 A020800 0
028 A030800 0
028 A040800 191
028 B010800 2510
028 B020800 0
028 B030800 0
028 B040800 365
028 C010800 2452
028 C020800 0
028 C030800 0
028 C040800 189
028 D010800 2730
028 D020800 0
028 D030800 0
028 D040800 189
028 E010800 2567
028 E020800 0
028 E030800 0
028 E040800 173
028 F010800 2858
028 F020800 0
028 F030800 0
028 F040800 238
028 G010800 16009
028 G020800 0
028 G030800 0
028 G040800 1345
028 H000800 0
034 000800 Y
035 000800 3
<PAGE> PAGE 24
036 A000800 N
036 B000800 0
062 A000800 N
062 B000800 0.0
062 C000800 0.0
062 D000800 0.0
062 E000800 0.0
062 F000800 0.0
062 G000800 0.0
062 H000800 0.0
062 I000800 0.0
062 J000800 0.0
062 K000800 0.0
062 L000800 0.0
062 M000800 0.0
062 N000800 0.0
062 O000800 0.0
062 P000800 0.0
062 Q000800 0.0
062 R000800 0.0
063 A000800 0
063 B000800 0.0
071 A000800 35359
071 B000800 1406
071 C000800 29954
071 D000800 5
072 A000800 12
072 B000800 78
072 C000800 661
072 D000800 0
072 E000800 0
072 F000800 315
072 G000800 0
072 H000800 0
072 I000800 0
072 J000800 0
072 K000800 0
072 L000800 0
072 M000800 1
072 N000800 0
072 O000800 0
072 P000800 0
072 Q000800 0
072 R000800 0
072 S000800 0
072 T000800 315
072 U000800 0
072 V000800 0
072 W000800 157
072 X000800 788
072 Y000800 0
<PAGE> PAGE 25
072 Z000800 -49
072AA000800 226
072BB000800 0
072CC010800 6598
072CC020800 0
072DD010800 0
072DD020800 0
072EE000800 103
073 A010800 0.0000
073 A020800 0.0000
073 B000800 0.1540
073 C000800 0.0000
074 A000800 24
074 B000800 0
074 C000800 2295
074 D000800 0
074 E000800 0
074 F000800 49654
074 G000800 0
074 H000800 0
074 I000800 0
074 J000800 0
074 K000800 0
074 L000800 427
074 M000800 0
074 N000800 52400
074 O000800 268
074 P000800 0
074 Q000800 0
074 R010800 0
074 R020800 0
074 R030800 0
074 R040800 216
074 S000800 0
074 T000800 51916
074 U010800 967
074 U020800 0
074 V010800 53.68
074 V020800 53.68
074 W000800 0.0000
074 X000800 972
074 Y000800 0
075 A000800 0
075 B000800 31576
076 000800 0.00
074 O003000 0
074 P003000 0
074 Q003000 0
074 R013000 0
074 R023000 0
074 R033000 0
<PAGE> PAGE 26
074 R043000 0
074 S003000 0
074 T003000 0
074 U013000 0
074 U023000 0
074 V013000 0.00
074 V023000 0.00
074 W003000 0.0000
074 X003000 0
074 Y003000 0
SIGNATURE KELLY DIGAN
TITLE CORP COMPLIANCE ADMN
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000731273
<NAME> INVESCO ADVISOR FUNDS, INC.
<SERIES>
<NUMBER> 1
<NAME> INVESCO ADVISORS EQUITY PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 93898241
<INVESTMENTS-AT-VALUE> 137410415
<RECEIVABLES> 307734
<ASSETS-OTHER> 4387
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 137722536
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 306790
<TOTAL-LIABILITIES> 306790
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 89619897
<SHARES-COMMON-STOCK> 1669958
<SHARES-COMMON-PRIOR> 1612998
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 22215
<ACCUMULATED-NET-GAINS> 4305890
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 43512174
<NET-ASSETS> 137415746
<DIVIDEND-INCOME> 2895255
<INTEREST-INCOME> 256332
<OTHER-INCOME> 0
<EXPENSES-NET> 2849376
<NET-INVESTMENT-INCOME> 302211
<REALIZED-GAINS-CURRENT> 5485198
<APPREC-INCREASE-CURRENT> 14241394
<NET-CHANGE-FROM-OPS> 20028803
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 326780
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 263161
<NUMBER-OF-SHARES-REDEEMED> 209472
<SHARES-REINVESTED> 3271
<NET-CHANGE-IN-ASSETS> 23842437
<ACCUMULATED-NII-PRIOR> 2354
<ACCUMULATED-GAINS-PRIOR> 1179308
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 946203
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2849376
<AVERAGE-NET-ASSETS> 126155432
<PER-SHARE-NAV-BEGIN> 70.41
<PER-SHARE-NII> .18
<PER-SHARE-GAIN-APPREC> 11.90
<PER-SHARE-DIVIDEND> .20
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 82.29
<EXPENSE-RATIO> 2.26
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000731273
<NAME> INVESCO ADVISOR FUNDS, INC.
<SERIES>
<NUMBER> 2
<NAME> INVESCO ADVISOR INCOME PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 25909099
<INVESTMENTS-AT-VALUE> 25720704
<RECEIVABLES> 528260
<ASSETS-OTHER> 1193
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 26250157
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 87847
<TOTAL-LIABILITIES> 87847
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27320347
<SHARES-COMMON-STOCK> 535290
<SHARES-COMMON-PRIOR> 612520
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 39504
<ACCUMULATED-NET-GAINS> (930138)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (188395)
<NET-ASSETS> 26162310
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1967886
<OTHER-INCOME> 1250
<EXPENSES-NET> 436810
<NET-INVESTMENT-INCOME> 1532326
<REALIZED-GAINS-CURRENT> 893589
<APPREC-INCREASE-CURRENT> (2884993)
<NET-CHANGE-FROM-OPS> (459078)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1549005
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 92901
<NUMBER-OF-SHARES-REDEEMED> 196204
<SHARES-REINVESTED> 26703
<NET-CHANGE-IN-ASSETS> (5823229)
<ACCUMULATED-NII-PRIOR> 22825
<ACCUMULATED-GAINS-PRIOR> (1823727)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 188085
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 509151
<AVERAGE-NET-ASSETS> 28908575
<PER-SHARE-NAV-BEGIN> 52.22
<PER-SHARE-NII> 2.61
<PER-SHARE-GAIN-APPREC> (3.31)
<PER-SHARE-DIVIDEND> 2.65
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 48.87
<EXPENSE-RATIO> 1.51
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000731273
<NAME> INVESCO ADVISOR FUNDS, INC.
<SERIES>
<NUMBER> 3
<NAME> INVESCO ADVISOR FLEX PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 379090739
<INVESTMENTS-AT-VALUE> 486981472
<RECEIVABLES> 4225384
<ASSETS-OTHER> 14718
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 491221574
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1303636
<TOTAL-LIABILITIES> 1303636
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 382140492
<SHARES-COMMON-STOCK> 7365743
<SHARES-COMMON-PRIOR> 6372029
<ACCUMULATED-NII-CURRENT> 69809
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (183096)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 107890733
<NET-ASSETS> 489917938
<DIVIDEND-INCOME> 8280626
<INTEREST-INCOME> 9912811
<OTHER-INCOME> 8533
<EXPENSES-NET> 10093521
<NET-INVESTMENT-INCOME> 8108449
<REALIZED-GAINS-CURRENT> 23531236
<APPREC-INCREASE-CURRENT> 26214708
<NET-CHANGE-FROM-OPS> 57854393
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8041627
<DISTRIBUTIONS-OF-GAINS> 23712747
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1649247
<NUMBER-OF-SHARES-REDEEMED> 1070366
<SHARES-REINVESTED> 414833
<NET-CHANGE-IN-ASSETS> 90756260
<ACCUMULATED-NII-PRIOR> 2987
<ACCUMULATED-GAINS-PRIOR> 1585
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3351899
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 10093521
<AVERAGE-NET-ASSETS> 446973527
<PER-SHARE-NAV-BEGIN> 62.64
<PER-SHARE-NII> 1.18
<PER-SHARE-GAIN-APPREC> 7.25
<PER-SHARE-DIVIDEND> 1.17
<PER-SHARE-DISTRIBUTIONS> 3.39
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 66.51
<EXPENSE-RATIO> 2.26
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000731273
<NAME> INVESCO ADVISOR FUNDS, INC.
<SERIES>
<NUMBER> 4
<NAME> INVESCO ADVISOR CASH MANAGEMENT PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 16045727
<INVESTMENTS-AT-VALUE> 16045727
<RECEIVABLES> 3475
<ASSETS-OTHER> 594
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 16049796
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 103491
<TOTAL-LIABILITIES> 103491
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15947317
<SHARES-COMMON-STOCK> 15946646
<SHARES-COMMON-PRIOR> 20439190
<ACCUMULATED-NII-CURRENT> 101
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1113)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 15946305
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1036089
<OTHER-INCOME> 0
<EXPENSES-NET> 199461
<NET-INVESTMENT-INCOME> 836628
<REALIZED-GAINS-CURRENT> (22)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 836527
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 35844336
<NUMBER-OF-SHARES-REDEEMED> 40824498
<SHARES-REINVESTED> 487618
<NET-CHANGE-IN-ASSETS> (4492465)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1091)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 95995
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 199461
<AVERAGE-NET-ASSETS> 19208614
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .04
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 1.04
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000731273
<NAME> INVESCO ADVISOR FUNDS, INC.
<SERIES>
<NUMBER> 5
<NAME> INVESCO ADVISOR MULTIFLEX PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 223253051
<INVESTMENTS-AT-VALUE> 269491856
<RECEIVABLES> 5152897
<ASSETS-OTHER> 21859
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 274666612
<PAYABLE-FOR-SECURITIES> 7099507
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 723973
<TOTAL-LIABILITIES> 7823480
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 217280424
<SHARES-COMMON-STOCK> 5078700
<SHARES-COMMON-PRIOR> 3737435
<ACCUMULATED-NII-CURRENT> 124138
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3199765
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 46238805
<NET-ASSETS> 266843132
<DIVIDEND-INCOME> 4940321
<INTEREST-INCOME> 2874260
<OTHER-INCOME> 0
<EXPENSES-NET> 5312454
<NET-INVESTMENT-INCOME> 2505127
<REALIZED-GAINS-CURRENT> 10629068
<APPREC-INCREASE-CURRENT> 23172870
<NET-CHANGE-FROM-OPS> 36304065
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2400549
<DISTRIBUTIONS-OF-GAINS> 7382073
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1650164
<NUMBER-OF-SHARES-REDEEMED> 482083
<SHARES-REINVESTED> 173184
<NET-CHANGE-IN-ASSETS> 92251284
<ACCUMULATED-NII-PRIOR> 22560
<ACCUMULATED-GAINS-PRIOR> 47320
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2164778
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5312454
<AVERAGE-NET-ASSETS> 217332632
<PER-SHARE-NAV-BEGIN> 46.71
<PER-SHARE-NII> .55
<PER-SHARE-GAIN-APPREC> 7.31
<PER-SHARE-DIVIDEND> .53
<PER-SHARE-DISTRIBUTIONS> 1.50
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 52.54
<EXPENSE-RATIO> 2.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000731273
<NAME> INVESCO ADVISOR FUNDS, INC.
<SERIES>
<NUMBER> 7
<NAME> INVESCO ADVISOR REAL ESTATE PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 16068380
<INVESTMENTS-AT-VALUE> 20442374
<RECEIVABLES> 169302
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 20611676
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 45195
<TOTAL-LIABILITIES> 45195
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 16117181
<SHARES-COMMON-STOCK> 362274
<SHARES-COMMON-PRIOR> 129354
<ACCUMULATED-NII-CURRENT> 34884
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 40422
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4373994
<NET-ASSETS> 20566481
<DIVIDEND-INCOME> 603303
<INTEREST-INCOME> 34432
<OTHER-INCOME> 0
<EXPENSES-NET> 273002
<NET-INVESTMENT-INCOME> 364733
<REALIZED-GAINS-CURRENT> 177126
<APPREC-INCREASE-CURRENT> 4153030
<NET-CHANGE-FROM-OPS> 4694889
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 332659
<DISTRIBUTIONS-OF-GAINS> 134173
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 235928
<NUMBER-OF-SHARES-REDEEMED> 11611
<SHARES-REINVESTED> 8603
<NET-CHANGE-IN-ASSETS> 15001621
<ACCUMULATED-NII-PRIOR> 2810
<ACCUMULATED-GAINS-PRIOR> 2531
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 102386
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 273002
<AVERAGE-NET-ASSETS> 11595346
<PER-SHARE-NAV-BEGIN> 43.02
<PER-SHARE-NII> 1.30
<PER-SHARE-GAIN-APPREC> 14.06
<PER-SHARE-DIVIDEND> 1.23
<PER-SHARE-DISTRIBUTIONS> .38
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 56.77
<EXPENSE-RATIO> 2.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000731273
<NAME> INVESCO ADVISOR FUNDS, INC.
<SERIES>
<NUMBER> 8
<NAME> INVESCO ADVISOR INTERNATIONAL VALUE PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 44833034
<INVESTMENTS-AT-VALUE> 51949258
<RECEIVABLES> 426976
<ASSETS-OTHER> 23855
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 52400089
<PAYABLE-FOR-SECURITIES> 268125
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 215988
<TOTAL-LIABILITIES> 484113
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 44726424
<SHARES-COMMON-STOCK> 967118
<SHARES-COMMON-PRIOR> 212674
<ACCUMULATED-NII-CURRENT> (48513)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 121841
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7116224
<NET-ASSETS> 51915976
<DIVIDEND-INCOME> 660894
<INTEREST-INCOME> 78241
<OTHER-INCOME> 0
<EXPENSES-NET> 788289
<NET-INVESTMENT-INCOME> (49154)
<REALIZED-GAINS-CURRENT> 226482
<APPREC-INCREASE-CURRENT> 6597676
<NET-CHANGE-FROM-OPS> 6775004
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 102718
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 793073
<NUMBER-OF-SHARES-REDEEMED> 39722
<SHARES-REINVESTED> 1093
<NET-CHANGE-IN-ASSETS> 42449293
<ACCUMULATED-NII-PRIOR> 641
<ACCUMULATED-GAINS-PRIOR> (1923)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 314843
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 788289
<AVERAGE-NET-ASSETS> 31575908
<PER-SHARE-NAV-BEGIN> 44.51
<PER-SHARE-NII> (.05)
<PER-SHARE-GAIN-APPREC> 9.37
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .15
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 53.68
<EXPENSE-RATIO> 2.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
January 30, 1997
To the Board of Directors
INVESCO Advisor Funds, Inc.
In planning and performing our audit of the financial statements of
INVESCO Advisor Fund, Inc. (the "Fund") for the year ended December
31, 1996, we considered its internal control structure, including
procedures for safeguarding securities, in order to determine our
auditing procedures for the purposes of expressing our opinion
on the financial statements and to comply with the requirements
of Form N-SAR, and not to provide assurance on the internal
control structure.
The management of the Fund is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgements by management are
required to assess the expected benefits and related costs of
internal control structure and policies and procedures.
Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance
that assets are appropriately safeguarded against loss from
unauthorized use or disposition and that transactions are executed
in accordance with management's authorization and recorded properly
to permit preparation of financial statements in conformity with
generally accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also,
projection of any evaluation of the structure to future periods is
subject to the risk that it may become inadequate because of changes
in conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be
material weaknesses under standards established by the American Institute
of Certified Public Accountants. A material weakness is a condition in
which the design or operation of the specific internal control structure
elements does not reduce to a relatively low level the risk that errors or
irregularities in amounts that would be material in relation to the
financial statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the internal
control structure, including procedures for safeguarding securities, that
we consider to be material weaknesses as defined above as of December 31,
1996
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
/s/ Price Waterhouse LLP
Price Waterhouse LLP
