<PAGE> PAGE 1
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<PAGE> PAGE 2
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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 JLL STEVENSON
TITLE MANAGER MUTUAL FUNDS
<TABLE> <S> <C>
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<SERIES>
<NUMBER> 02
<NAME> IAI DEVELOPING COUNTRIES FUND
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<S> <C>
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<NET-CHANGE-IN-ASSETS> (7940)
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</TABLE>
