<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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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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<PAGE> PAGE 10
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SIGNATURE SUSAN J. HAEDT
TITLE V.P., CONTROLLER
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 01
<NAME> IAI VALUE FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-START> APR-01-1995
<PERIOD-END> SEP-30-1995
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<INVESTMENTS-AT-VALUE> 42749
<RECEIVABLES> 4
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<OTHER-ITEMS-ASSETS> 0
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<PAYABLE-FOR-SECURITIES> 0
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<TOTAL-LIABILITIES> 43
<SENIOR-EQUITY> 35
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<SHARES-COMMON-STOCK> 3498
<SHARES-COMMON-PRIOR> 3636
<ACCUMULATED-NII-CURRENT> 117
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<ACCUMULATED-NII-PRIOR> 17
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</TABLE>
