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<PAGE> PAGE 2
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012 A00AA01 INVESTMENT ADVISERS, INC.
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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 JILL STEVENSON
TITLE MANAGER MUTUAL FUNDS
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<SERIES>
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<NAME> IAI GROWTH AND INCOME FUND
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[AVG-DEBT-OUTSTANDING] 0
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</TABLE>
