IAI Investment Funds II, Inc.
File No. 33-61834
IAI Investment Funds IV, Inc.
File No. 2-66885
IAI Investment Funds VI, Inc.
File No. 33-40496
IAI Investment Funds VII, Inc.
File No. 2-39560
IAI Investment Funds, VIII, Inc.
File No. 2-84589
SUPPLEMENT DATED APRIL 6, 1998
TO THE JOINT PROSPECTUS
DATED AUGUST 1, 1997
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.)
IAI EMERGING GROWTH FUND- MANAGEMENT
The following replaces the seventh paragraph under "Management" on page 26.
Curt McLeod has responsibility for the management of Emerging Growth Fund. Mr.
McLeod, an IAI Vice President and equity portfolio manager, has been responsible
for the management of the Fund since March 1998 and has been involved in the
Fund's management since joining IAI in May 1997. Prior to that time, Mr. McLeod
had been an portfolio manager with Piper Jaffrey, Inc. since 1986.
IAI MIDCAP GROWTH FUND- INVESTMENT POLICIES
The following replaces the first two sentences of the second paragraph on page
16.
Under normal circumstances, Midcap Growth Fund will invest at least 65% of the
value of its total assets in medium-sized companies that have a market
capitalization between $1 billion and $8 billion. Under normal market
conditions, the weighted average capitalization of Midcap Growth Fund's
investment portfolio will range from $3 billion to $6 billion.
