<PAGE> PAGE 1
000 A000000 12/31/98
000 C000000 0000353312
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 IAA TRUST TAXABLE FIXED INCOME SERIES FUND
001 B000000 811-3186
001 C000000 3095573222
002 A000000 808 IAA DRIVE
002 B000000 BLOOMINGTON
002 C000000 IL
002 D010000 61702
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 3
007 C010100 1
007 C020100 IAA TRUST MONEY MARKET SERIES
007 C030100 N
007 C010200 2
007 C020200 IAA TRUST SHORT-TERM GOVERNMENT BOND SERIES
007 C030200 N
007 C010300 3
007 C020300 IAA TRUST LONG-TERM BOND SERIES
007 C030300 N
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
008 A00AA01 IAA TRUST COMPANY
008 B00AA01 A
008 C00AA01 801-000000
<PAGE> PAGE 2
008 D01AA01 BLOOMINGTON
008 D02AA01 IL
008 D03AA01 61702
010 A00AA01 FIRST DATA INVESTOR SERVICES GROUP, INC.
010 B00AA01 84-1761
010 C01AA01 KING OF PRUSSIA
010 C02AA01 PA
010 C03AA01 19406
010 C04AA01 0903
011 A00AA01 FIRST DATA DISTRIBUTORS INC.
011 B00AA01 8-45467
011 C01AA01 WESTBOROUGH
011 C02AA01 MA
011 C03AA01 01581
011 C04AA01 0000
012 A00AA01 FIRST DATA INVESTOR SERVICES GROUP, INC.
012 B00AA01 84-1761
012 C01AA01 KING OF PRUSSIA
012 C02AA01 PA
012 C03AA01 19406
012 C04AA01 0903
013 A00AA01 COOPERS & LYBRAND LLP
013 B01AA01 PHILADELPHIA
013 B02AA01 PA
013 B03AA01 19103
015 A00AA01 IAA TRUST COMPANY
015 B00AA01 C
015 C01AA01 BLOOMINGTON
015 C02AA01 IL
015 C03AA01 61702
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 6
019 C00AA00 IAATRSTFDS
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 FEDERATED MANAGEMENT CORP.
022 B000001 25-1203925
022 C000001 36709
022 D000001 37819
022 A000002 MERRILL LYNCH PIERCE FENNER & SMITH, INC.
<PAGE> PAGE 3
022 B000002 13-5764085
022 C000002 53445
022 D000002 0
022 A000003 DREYFUS CORP
022 B000003 13-5673135
022 C000003 18787
022 D000003 19523
022 A000004 LEHMAN BROTHERS, INC.
022 B000004 13-2518466
022 C000004 22914
022 D000004 0
022 A000005 CHEVRON
022 C000005 11827
022 D000005 0
022 A000006 HOUSEHOLD FINANCE CORP.
022 B000006 36-1239445
022 C000006 11499
022 D000006 0
022 A000007 MESIROW & CO.
022 C000007 5481
022 D000007 5801
022 A000008 IBM CREDIT CORP.
022 C000008 10498
022 D000008 0
022 A000009 PRUDENTIAL FUNDING
022 B000009 13-2308901
022 C000009 10492
022 D000009 0
022 A000010 TEXACO FINANCIAL SERVICES
022 C000010 10475
022 D000010 0
023 C000000 292737
023 D000000 72932
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
034 00AA00 N
035 00AA00 0
036 B00AA00 0
045 00AA00 Y
046 00AA00 N
047 00AA00 Y
048 00AA00 0.500
048 A01AA00 0
<PAGE> PAGE 4
048 A02AA00 0.000
048 B01AA00 0
048 B02AA00 0.000
048 C01AA00 0
048 C02AA00 0.000
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 0
048 K02AA00 0.000
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 1000
066 A00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
077 A000000 Y
077 Q010000 Y
078 000000 N
080 A00AA00 IAA TRUST COMPANY
080 C00AA00 1600
081 A00AA00 Y
081 B00AA00 6
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
024 000100 N
<PAGE> PAGE 5
025 A000101 DELETE
025 D000101 0
025 A000102 DELETE
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 5157
028 A020100 0
028 A030100 0
028 A040100 1954
028 B010100 4644
028 B020100 224
028 B030100 0
028 B040100 3865
028 C010100 9074
028 C020100 232
028 C030100 0
028 C040100 6720
028 D010100 9745
028 D020100 222
028 D030100 0
028 D040100 10220
028 E010100 1858
028 E020100 241
028 E030100 0
028 E040100 5150
028 F010100 14484
028 F020100 214
028 F030100 0
028 F040100 4870
028 G010100 44962
028 G020100 1133
028 G030100 0
028 G040100 32779
028 H000100 0
029 000100 N
030 A000100 0
030 B000100 0.00
030 C000100 0.00
031 A000100 0
031 B000100 0
032 000100 0
033 000100 0
037 000100 N
038 000100 0
039 000100 N
040 000100 N
<PAGE> PAGE 6
041 000100 N
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 0
044 000100 0
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 N
054 A000100 Y
054 B000100 Y
054 C000100 N
054 D000100 N
054 E000100 N
054 F000100 N
054 G000100 N
054 H000100 Y
054 I000100 N
054 J000100 Y
054 K000100 N
054 L000100 Y
054 M000100 Y
054 N000100 N
054 O000100 Y
062 A000100 Y
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 97.3
062 J000100 0.0
062 K000100 0.0
062 L000100 2.6
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 41
063 B000100 0.0
<PAGE> PAGE 7
064 A000100 Y
064 B000100 N
070 A010100 Y
070 A020100 N
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 N
070 J020100 N
070 K010100 Y
070 K020100 Y
070 L010100 Y
070 L020100 Y
070 M010100 N
070 M020100 N
070 N010100 N
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 0
071 B000100 0
071 C000100 0
071 D000100 0
072 A000100 6
072 B000100 1615
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 148
072 G000100 23
072 H000100 0
072 I000100 19
<PAGE> PAGE 8
072 J000100 4
072 K000100 0
072 L000100 3
072 M000100 0
072 N000100 1
072 O000100 0
072 P000100 0
072 Q000100 22
072 R000100 9
072 S000100 2
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 5
072 X000100 236
072 Y000100 4
072 Z000100 1383
072AA000100 0
072BB000100 0
072CC010100 0
072CC020100 0
072DD010100 1383
072DD020100 0
072EE000100 0
073 A010100 0.0236
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 2
074 B000100 0
074 C000100 64540
074 D000100 0
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 1834
074 J000100 0
074 K000100 0
074 L000100 245
074 M000100 4
074 N000100 66625
074 O000100 0
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 287
074 S000100 0
074 T000100 66338
<PAGE> PAGE 9
074 U010100 66339
074 U020100 0
074 V010100 1.00
074 V020100 0.00
074 W000100 1.0001
074 X000100 1000
074 Y000100 0
075 A000100 58508
075 B000100 0
076 000100 0.00
024 000200 N
025 A000201 DELETE
025 D000201 0
025 D000202 0
025 D000203 0
025 D000204 0
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 299
028 A020200 127
028 A030200 0
028 A040200 292
028 B010200 356
028 B020200 113
028 B030200 0
028 B040200 171
028 C010200 507
028 C020200 113
028 C030200 0
028 C040200 1103
028 D010200 542
028 D020200 102
028 D030200 0
028 D040200 120
028 E010200 386
028 E020200 111
028 E030200 0
028 E040200 741
028 F010200 308
028 F020200 207
028 F030200 0
028 F040200 506
028 G010200 2398
028 G020200 773
028 G030200 0
028 G040200 2933
028 H000200 0
029 000200 N
030 A000200 0
<PAGE> PAGE 10
030 B000200 0.00
030 C000200 0.00
031 A000200 0
031 B000200 0
032 000200 0
033 000200 0
037 000200 N
038 000200 0
039 000200 N
040 000200 Y
041 000200 Y
042 A000200 0
042 B000200 0
042 C000200 0
042 D000200 100
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 0
044 000200 0
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 Y
053 B000200 Y
054 A000200 Y
054 B000200 Y
054 C000200 Y
054 D000200 N
054 E000200 Y
054 F000200 N
054 G000200 N
054 H000200 N
054 I000200 N
054 J000200 Y
054 K000200 N
054 L000200 Y
054 M000200 Y
054 N000200 N
054 O000200 Y
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 0.7
<PAGE> PAGE 11
062 J000200 0.0
062 K000200 0.0
062 L000200 5.4
062 M000200 23.9
062 N000200 47.4
062 O000200 0.0
062 P000200 7.6
062 Q000200 13.7
062 R000200 0.0
063 A000200 0
063 B000200 7.7
064 A000200 Y
064 B000200 N
070 A010200 Y
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 N
070 J020200 N
070 K010200 Y
070 K020200 Y
070 L010200 N
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 N
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 11715
071 B000200 5783
<PAGE> PAGE 12
071 C000200 25282
071 D000200 23
072 A000200 6
072 B000200 849
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 73
072 G000200 11
072 H000200 0
072 I000200 12
072 J000200 2
072 K000200 0
072 L000200 1
072 M000200 0
072 N000200 1
072 O000200 0
072 P000200 0
072 Q000200 16
072 R000200 3
072 S000200 1
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 2
072 X000200 122
072 Y000200 2
072 Z000200 729
072AA000200 86
072BB000200 0
072CC010200 153
072CC020200 0
072DD010200 750
072DD020200 0
072EE000200 89
073 A010200 0.2667
073 A020200 0.0000
073 B000200 0.0319
073 C000200 0.0000
074 A000200 14
074 B000200 0
074 C000200 202
074 D000200 26565
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 1586
074 J000200 34
074 K000200 0
074 L000200 390
<PAGE> PAGE 13
074 M000200 0
074 N000200 28791
074 O000200 16
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 98
074 S000200 0
074 T000200 28677
074 U010200 2825
074 U020200 0
074 V010200 10.15
074 V020200 0.00
074 W000200 0.0000
074 X000200 12
074 Y000200 0
075 A000200 0
075 B000200 28695
076 000200 0.00
024 000300 N
025 A000301 DELETE
025 D000301 0
025 A000302 DELETE
025 D000302 0
025 D000303 0
025 D000304 0
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
028 A010300 163
028 A020300 183
028 A030300 0
028 A040300 249
028 B010300 253
028 B020300 155
028 B030300 0
028 B040300 348
028 C010300 485
028 C020300 176
028 C030300 0
028 C040300 1894
028 D010300 863
028 D020300 157
028 D030300 0
028 D040300 795
028 E010300 849
028 E020300 159
028 E030300 0
<PAGE> PAGE 14
028 E040300 1335
028 F010300 733
028 F020300 1067
028 F030300 0
028 F040300 325
028 G010300 3346
028 G020300 1897
028 G030300 0
028 G040300 4946
028 H000300 0
029 000300 N
030 A000300 0
030 B000300 0.00
030 C000300 0.00
031 A000300 0
031 B000300 0
032 000300 0
033 000300 0
037 000300 N
038 000300 0
039 000300 N
040 000300 Y
041 000300 Y
042 A000300 0
042 B000300 0
042 C000300 0
042 D000300 100
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 0
044 000300 0
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 Y
053 B000300 Y
054 A000300 N
054 B000300 N
054 C000300 Y
054 D000300 N
054 E000300 Y
054 F000300 N
054 G000300 N
054 H000300 N
054 I000300 N
054 J000300 Y
054 K000300 N
054 L000300 Y
<PAGE> PAGE 15
054 M000300 Y
054 N000300 N
054 O000300 Y
062 A000300 Y
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 0.4
062 J000300 0.0
062 K000300 0.0
062 L000300 2.2
062 M000300 5.6
062 N000300 29.0
062 O000300 0.5
062 P000300 52.4
062 Q000300 8.6
062 R000300 0.0
063 A000300 0
063 B000300 19.0
064 A000300 N
064 B000300 N
070 A010300 Y
070 A020300 N
070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 N
070 J020300 N
070 K010300 Y
070 K020300 Y
070 L010300 N
070 L020300 N
070 M010300 N
070 M020300 N
<PAGE> PAGE 16
070 N010300 N
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 12666
071 B000300 9740
071 C000300 37014
071 D000300 26
072 A000300 6
072 B000300 1204
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 148
072 G000300 14
072 H000300 0
072 I000300 13
072 J000300 3
072 K000300 0
072 L000300 1
072 M000300 0
072 N000300 1
072 O000300 0
072 P000300 0
072 Q000300 18
072 R000300 4
072 S000300 1
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 3
072 X000300 206
072 Y000300 39
072 Z000300 1037
072AA000300 822
072BB000300 0
072CC010300 80
072CC020300 0
072DD010300 1069
072DD020300 0
072EE000300 938
073 A010300 0.2945
073 A020300 0.0000
073 B000300 0.2588
073 C000300 0.0000
<PAGE> PAGE 17
074 A000300 0
074 B000300 0
074 C000300 149
074 D000300 37568
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 876
074 J000300 34
074 K000300 6
074 L000300 522
074 M000300 0
074 N000300 39155
074 O000300 0
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 126
074 S000300 0
074 T000300 39029
074 U010300 3734
074 U020300 0
074 V010300 10.45
074 V020300 0.00
074 W000300 0.0000
074 X000300 8
074 Y000300 0
075 A000300 0
075 B000300 38917
076 000300 0.00
SIGNATURE KELLY O'NEILL
TITLE COMPLIANCE ADM.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000353312
<NAME> IAA TAXABLE FIXED INCOME SERIES FUND, INC.
<SERIES>
<NUMBER> 1
<NAME> IAA TRUST MONEY MARKET SERIES
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUL-01-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 52920381
<INVESTMENTS-AT-VALUE> 52920381
<RECEIVABLES> 184714
<ASSETS-OTHER> 51132
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 53156227
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 134024
<TOTAL-LIABILITIES> 134024
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 53022371
<SHARES-COMMON-STOCK> 53022469
<SHARES-COMMON-PRIOR> 60673775
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (168)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 53022203
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3305920
<OTHER-INCOME> 0
<EXPENSES-NET> 475197
<NET-INVESTMENT-INCOME> 2830723
<REALIZED-GAINS-CURRENT> (40)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2830683
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2830723
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 53195087
<NUMBER-OF-SHARES-REDEEMED> 63667566
<SHARES-REINVESTED> 2821173
<NET-CHANGE-IN-ASSETS> (7651346)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (128)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 292932
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 484397
<AVERAGE-NET-ASSETS> 58634486
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .05
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.81
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000353312
<NAME> IAA TRUST TAXABLE FIXED INCOME SERIES FUND, INC
<SERIES>
<NUMBER> 2
<NAME> IAA TRUST SHORT-TERM GOVERNMENT BOND SERIES
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUL-01-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 27764773
<INVESTMENTS-AT-VALUE> 28009270
<RECEIVABLES> 363483
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 28372753
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 63337
<TOTAL-LIABILITIES> 63337
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 28040017
<SHARES-COMMON-STOCK> 2800959
<SHARES-COMMON-PRIOR> 2426194
<ACCUMULATED-NII-CURRENT> 20928
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3974
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 244497
<NET-ASSETS> 28309416
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1663019
<OTHER-INCOME> 0
<EXPENSES-NET> 229673
<NET-INVESTMENT-INCOME> 1433346
<REALIZED-GAINS-CURRENT> 3974
<APPREC-INCREASE-CURRENT> 232929
<NET-CHANGE-FROM-OPS> 1670249
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1421743
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 663670
<NUMBER-OF-SHARES-REDEEMED> 421052
<SHARES-REINVESTED> 132147
<NET-CHANGE-IN-ASSETS> 4024397
<ACCUMULATED-NII-PRIOR> 9325
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 133520
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 245539
<AVERAGE-NET-ASSETS> 26738080
<PER-SHARE-NAV-BEGIN> 10.01
<PER-SHARE-NII> .54
<PER-SHARE-GAIN-APPREC> .10
<PER-SHARE-DIVIDEND> .54
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.11
<EXPENSE-RATIO> 0.86
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000353312
<NAME> IAA TRUST TAXABLE FIXED INCOME SERIES FUND, INC.
<SERIES>
<NUMBER> 3
<NAME> IAA TRUST LONG-TERM BOND SERIES
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUL-01-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 37247235
<INVESTMENTS-AT-VALUE> 38433864
<RECEIVABLES> 426872
<ASSETS-OTHER> 5580
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 38866316
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 65845
<TOTAL-LIABILITIES> 65845
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 37137881
<SHARES-COMMON-STOCK> 3702477
<SHARES-COMMON-PRIOR> 3279931
<ACCUMULATED-NII-CURRENT> 32099
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 443862
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1186629
<NET-ASSETS> 38800471
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2338777
<OTHER-INCOME> 0
<EXPENSES-NET> 328355
<NET-INVESTMENT-INCOME> 2010422
<REALIZED-GAINS-CURRENT> 459542
<APPREC-INCREASE-CURRENT> 1126134
<NET-CHANGE-FROM-OPS> 3596098
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1989821
<DISTRIBUTIONS-OF-GAINS> 24332
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 896757
<NUMBER-OF-SHARES-REDEEMED> 662006
<SHARES-REINVESTED> 187795
<NET-CHANGE-IN-ASSETS> 5868316
<ACCUMULATED-NII-PRIOR> 11498
<ACCUMULATED-GAINS-PRIOR> 8652
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 275862
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 410739
<AVERAGE-NET-ASSETS> 36785378
<PER-SHARE-NAV-BEGIN> 10.04
<PER-SHARE-NII> .56
<PER-SHARE-GAIN-APPREC> .45
<PER-SHARE-DIVIDEND> .56
<PER-SHARE-DISTRIBUTIONS> .01
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.48
<EXPENSE-RATIO> 0.89
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
