<PAGE> PAGE 1
000 A000000 09/30/96
000 C000000 0000721789
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<PAGE> PAGE 2
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012 A00AA01 INVESTMENT ADVISERS, INC.
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012 C01AA01 MINNEAPOLIS
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013 A00AA01 KPMG PEAT MARWICK, LLP
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014 A00AA01 DELETE
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<PAGE> PAGE 3
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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 CONTROLLER
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<NAME> IAI VALUE FUND
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<NET-CHANGE-IN-ASSETS> (5563)
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<EXPENSE-RATIO> 1.25
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</TABLE>
