<PAGE> PAGE 1
000 B000000 03/31/99
000 C000000 0000721789
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 IAI INVESTMENT FUND VIII
001 B000000 811-3767
001 C000000 6123762600
002 A000000 3700 FIRST BANK PLACE, 601 2ND AVE SOUTH
002 B000000 MINNEAPOLIS
002 C000000 MN
002 D010000 55402
002 D020000 4327
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 1
007 C010100 1
007 C020100 IAI VALUE FUND
007 C030100 N
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 INVESTMENT ADVISERS, INC.
008 B00AA01 A
008 C00AA01 801-3784
008 D01AA01 MINNEAPOLIS
008 D02AA01 MN
008 D03AA01 55402
008 D04AA01 4327
010 A00AA01 INVESTMENT ADVISERS, INC.
010 B00AA01 8013784
010 C01AA01 MINNEAPOLIS
010 C02AA01 MN
010 C03AA01 55402
010 C04AA01 4327
011 A00AA01 INVESTMENT ADVISERS, INC
011 B00AA01 8-013784
011 C01AA01 MINNEAPOLIS
<PAGE> PAGE 2
011 C02AA01 MN
011 C03AA01 55402
011 C04AA01 4327
012 A00AA01 INVESTMENT ADVISERS, INC.
012 B00AA01 84-1664
012 C01AA01 MINNEAPOLIS
012 C02AA01 MN
012 C03AA01 55402
012 C04AA01 4327
013 A00AA01 KPMG PEAT MARWICK, LLP
013 B01AA01 MINNEAPOLIS
013 B02AA01 MN
013 B03AA01 55402
014 A00AA01 DELETE
015 A00AA01 NORWEST BANK MINNESOTA, N.A.
015 B00AA01 C
015 C01AA01 MINNEAPOLIS
015 C02AA01 MN
015 C03AA01 55479
015 C04AA01 0065
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 15
019 C00AA00 INVESTADVS
020 A000001 EXECUTION SERVICES
020 B000001 13-3747159
020 C000001 3
020 A000002 LYNCH JONES RYAN
020 B000002 13-3356934
020 C000002 2
020 A000003 FIDELITY BROKERAGE
020 B000003 04-2653569
020 C000003 2
020 A000004 MERRILL LYNCH
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020 C000004 1
020 A000005 POSIT INVESTMENT TECHNOLOGY GROUP
020 C000005 1
020 A000006 BEAR STEARNS
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020 C000006 1
020 A000007 BAIRD RW
020 B000007 39-6037917
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020 A000008 BLAIR WM
020 B000008 36-2214610
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020 A000009 ALEX BROWN
020 B000009 52-1319768
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<PAGE> PAGE 3
020 A000010 INSTINET
020 B000010 13-3443395
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021 000000 12
022 A000001 GE CAPITAL
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022 C000004 2874
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022 A000007 JG KINNARD
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022 A000008 PIPER JAFFRAY
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022 A000009 TROSTER
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<PAGE> PAGE 4
025 D00AA07 0
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026 A000000 N
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054 H00AA00 Y
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054 K00AA00 Y
054 L00AA00 Y
054 M00AA00 Y
054 N00AA00 Y
058 A00AA00 N
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<PAGE> PAGE 5
060 B00AA00 Y
061 00AA00 5000
077 A000000 Y
077 B000000 Y
078 000000 N
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 C00AA00 5000
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<PAGE> PAGE 6
028 F030100 0
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<PAGE> PAGE 7
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
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062 L000100 0.0
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062 O000100 0.0
062 P000100 0.0
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062 R000100 0.0
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066 A000100 Y
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066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
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070 K010100 Y
070 K020100 Y
070 L010100 Y
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<PAGE> PAGE 8
070 M010100 Y
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 N
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
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072 S000100 0
072 T000100 0
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072 Y000100 4
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<PAGE> PAGE 9
073 B000100 1.4941
073 C000100 0.0000
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074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 3699
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074 H000100 0
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074 J000100 0
074 K000100 0
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074 N000100 13683
074 O000100 0
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074 S000100 0
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074 U010100 1121
074 U020100 0
074 V010100 12.20
074 V020100 0.00
074 W000100 0.0000
074 X000100 1113
074 Y000100 0
075 A000100 0
075 B000100 19302
076 000100 0.00
SIGNATURE JILL STEVENSON
TITLE MANAGER MUTUAL FUNDS
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 01
<NAME> IAI VALUE FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> APR-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 5920
<INVESTMENTS-AT-VALUE> 13422
<RECEIVABLES> 2
<ASSETS-OTHER> 259
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 13683
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 11
<PAID-IN-CAPITAL-COMMON> 7434
<SHARES-COMMON-STOCK> 1121
<SHARES-COMMON-PRIOR> 2104
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 1264
<ACCUM-APPREC-OR-DEPREC> 7502
<NET-ASSETS> 13683
<DIVIDEND-INCOME> 98
<INTEREST-INCOME> 24
<OTHER-INCOME> 0
<EXPENSES-NET> 263
<NET-INVESTMENT-INCOME> (141)
<REALIZED-GAINS-CURRENT> 202
<APPREC-INCREASE-CURRENT> 1594
<NET-CHANGE-FROM-OPS> 1655
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 2261
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 176
<NUMBER-OF-SHARES-REDEEMED> 1336
<SHARES-REINVESTED> 178
<NET-CHANGE-IN-ASSETS> (13056)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 843
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 241
<INTEREST-EXPENSE> 6
<GROSS-EXPENSE> 267
<AVERAGE-NET-ASSETS> 19302
<PER-SHARE-NAV-BEGIN> 12.71
<PER-SHARE-NII> (.09)
<PER-SHARE-GAIN-APPREC> 1.07
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.49
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.20
<EXPENSE-RATIO> 1.36
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
