Filed Pursuant to Rule 497(e)
1933 Act Registration No. 2-66885
SUPPLEMENT DATED FEBRUARY 21, 1997
TO THE JOINT PROSPECTUS DATED AUGUST 1, 1996
OF
IAI GROWTH FUND
(a portfolio of IAI Investment Funds II, Inc.)
IAI REGIONAL FUND
(a portfolio of IAI Investment Funds IV, Inc.)
IAI CAPITAL APPRECIATION FUND
(a portfolio of IAI Investment Funds VI, Inc.)
IAI EMERGING GROWTH FUND
(a portfolio of IAI Investment Funds VI, Inc.)
IAI MIDCAP GROWTH FUND (a portfolio of IAI Investment Funds VI, Inc.)
IAI GROWTH AND INCOME FUND
(a portfolio of IAI Investment Funds VII, Inc.)
IAI VALUE FUND
(a portfolio of IAI Investment Funds VIII, Inc.)
David Himebrook has responsibility for the management of IAI Emerging
Growth Fund. Mr. Himebrook, an IAI Vice-President and equity portfolio manager,
has been involved in the management of the Fund since November 1994. Prior to
that time Mr. Himebrook had been employed as an equity portfolio manager by
Lutheran Brotherhood since 1987.
