INVESCO ADVISOR FUNDS INC
24F-2NT, 1997-02-25
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                    U.S. SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                                  FORM 24F-2
                       Annual Notice of Securities Sold
                            Pursuant to Rule 24f-2

1.    Name and address of issuer:

            INVESCO Advisor Funds, Inc.
            1315 Peachtree Street, NE
            Atlanta, Georgia  30309

2.    Name of each series or class of funds for which this notice
      is filed:

            Equity Portfolio
            Flex Portfolio
            MutliFlex Portfolio
            International Value Portfolio
            Real Estate Portfolio
            Income Portfolio
            Cash Management Portfolio

3.    Investment Company Act File Number:   811-3886

      Securities Act File Number:  2-87377

4.    Last day of fiscal year for which this notice is filed:

            December 31, 1996

5.    Check box if this notice is being filed more than 180 days after the close
      of the  issuer's  fiscal year for purposes of  reporting  securities  sold
      after the close of the fiscal year but before  termination of the issuer's
      24f-2 declaration:

            ----

6.    Date of termination of issuer's declaration under rule 24f-
      2(a)(1), if applicable (see Instruction A.6):

            Not Applicable



<PAGE>







      7. Number and amount of  securities  of the same class or series which had
      been  registered  under the  Securities Act of 1933 other than pursuant to
      Rule  24f-2 in a prior  fiscal  year,  but  which  remained  unsold at the
      beginning of the fiscal year:

            0


8.    Number and amount of securities registered during the fiscal
      year other than pursuant to Rule 24f-2:

            0

9.    Number and aggregate sale price of securities sold during the
      fiscal year:

            Shares = 40,528,810           $297,169,930

10.   Number and aggregate sale price of securities  sold during the fiscal year
      in reliance upon registration pursuant to Rule 24f-2:

            Shares = 40,528,810           $297,169,930

11.   Number and aggregate  sales price of  securities  issued during the fiscal
      year in connection  with dividend  reinvestment  plans, if applicable (see
      Instruction B.7):

            Shares = 1,114,675            $38,585,136

12.   Calculation of registration fee:

      (i)     Aggregate sale price of securities
              sold during the fiscal year in
              reliance on Rule 24f-2
              (from Item 10):                                 $   297,169,930
                                                              ---------------

      (ii)    Aggregate price of shares issued
              in connection with dividend
              reinvestment plans (from Item 11,
              if applicable):                                 +    38,585,136
                                                              ---------------
      (iii)   Aggregate price of shares redeemed
              or repurchased during the fiscal
              year (if applicable):                           -   162,985,689
                                                              ---------------



<PAGE>







      (iv)    Aggregate price of shares redeemed
              or repurchased and previously
              applied as a reduction to filing
              fees pursuant to Rule 24e-2
              (if applicable):                                +      N/A
                                                              ---------------

      (v)     Net aggregate price of  securities
              sold and issued during the fiscal year
              in reliance on Rule 24f-2 [line (i),
              plus line (ii), less line (iii), plus
              line (iv)] if applicable:                       $   172,769,377
                                                              ---------------


      (vi)    Multiplier prescribed by Section
              6(b) of the Securities Act of 1933
              or other applicable law or regula-
              tion (see Instruction C.6):                     x    1/3333
                                                              ---------------

      (vii)   Fee due [line (i) or line(v)
              multipled by line (vi)]:                        $     51,836.00
                                                              ===============


<PAGE>






Instruction:      Issuers should complete lines (ii), (iii), (iv), and
                                 (v)  only  if  the   form  is   being   filed
                                 within  60  days   after  the  close  of  the
                                 issuer's   fiscal   year.   See   Instruction
                                 C.3.

13.   Check  box  if fees  are  being  remitted  to  the  Commission's  lockbox
      depository  as described  in  Section  3a of the  Commission's  Rules  of
      Information and Other Procedures (17 CFR 202.3a).

                X
               ---
Date of mailing or wire transfer  of filing  fees to the  Commission's  lockbox
depository:

              February 21, 1997

                                  SIGNATURES

This  report has been  signed  below by the  following  persons on behalf of the
issuer and in the capacities and on the date indicated.

                            INVESCO Advisor Funds, Inc.



                            By:/s/ Mark F. Moots
                               -------------------
                               Mark F. Moots, Jr.
                               Assistant Secretary


                            Date:   February 21, 1997







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