<PAGE> PAGE 1
000 A000000 09/30/97
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<PAGE> PAGE 2
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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SIGNATURE SUSAN J HAEDT
TITLE VP OF OPERATONS
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<NAME> IAI REGIONAL FUND
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