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<PAGE> PAGE 4
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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 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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062 O000700 0.0
062 P000700 0.0
062 Q000700 0.0
062 R000700 0.0
<PAGE> PAGE 21
063 A000700 0
063 B000700 0.0
066 A000700 Y
066 B000700 N
066 C000700 Y
066 D000700 N
066 E000700 N
066 F000700 N
066 G000700 N
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 Y
070 A020700 N
070 B010700 Y
070 B020700 N
070 C010700 Y
070 C020700 N
070 D010700 Y
070 D020700 N
070 E010700 Y
070 E020700 N
070 F010700 Y
070 F020700 N
070 G010700 Y
070 G020700 N
070 H010700 Y
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 Y
070 K020700 Y
070 L010700 Y
070 L020700 N
070 M010700 Y
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 N
070 O020700 N
070 P010700 Y
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700 8168
071 B000700 45
<PAGE> PAGE 22
071 C000700 3746
071 D000700 1
072 A000700 12
072 B000700 7
072 C000700 1
072 D000700 0
072 E000700 0
072 F000700 8
072 G000700 0
072 H000700 0
072 I000700 0
072 J000700 0
072 K000700 0
072 L000700 0
072 M000700 0
072 N000700 0
072 O000700 0
072 P000700 0
072 Q000700 0
072 R000700 0
072 S000700 0
072 T000700 0
072 U000700 0
072 V000700 0
072 W000700 0
072 X000700 8
072 Y000700 1
072 Z000700 1
072AA000700 0
072BB000700 22
072CC010700 358
072CC020700 0
072DD010700 0
072DD020700 0
072EE000700 0
073 A010700 0.0000
073 A020700 0.0000
073 B000700 0.0000
073 C000700 0.0000
074 A000700 959
074 B000700 0
074 C000700 200
074 D000700 0
074 E000700 0
074 F000700 8460
074 G000700 0
074 H000700 0
074 I000700 0
074 J000700 0
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<PAGE> PAGE 23
074 M000700 4
074 N000700 9623
074 O000700 206
074 P000700 6
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 0
074 S000700 0
074 T000700 9411
074 U010700 838
074 U020700 0
074 V010700 11.24
074 V020700 0.00
074 W000700 0.0000
074 X000700 444
074 Y000700 0
075 A000700 0
075 B000700 3423
076 000700 0.00
SIGNATURE SUSAN J HAEDT
TITLE CONTROLLER
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 01
<NAME> IAI EMERGING GROWTH FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-START> APR-01-1995
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 429697
<INVESTMENTS-AT-VALUE> 653032
<RECEIVABLES> 484
<ASSETS-OTHER> 1292
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 654808
<PAYABLE-FOR-SECURITIES> 281
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 639
<TOTAL-LIABILITIES> 920
<SENIOR-EQUITY> 272
<PAID-IN-CAPITAL-COMMON> 389271
<SHARES-COMMON-STOCK> 27153
<SHARES-COMMON-PRIOR> 21654
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 41010
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 223335
<NET-ASSETS> 653888
<DIVIDEND-INCOME> 196
<INTEREST-INCOME> 3379
<OTHER-INCOME> 0
<EXPENSES-NET> 6143
<NET-INVESTMENT-INCOME> (2567)
<REALIZED-GAINS-CURRENT> 57739
<APPREC-INCREASE-CURRENT> 157132
<NET-CHANGE-FROM-OPS> 212304
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 11560
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 44205
<NUMBER-OF-SHARES-REDEEMED> 39240
<SHARES-REINVESTED> 533
<NET-CHANGE-IN-ASSETS> 311014
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 203
<OVERDIST-NET-GAINS-PRIOR> 2403
<GROSS-ADVISORY-FEES> 3570
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6143
<AVERAGE-NET-ASSETS> 495775
<PER-SHARE-NAV-BEGIN> 15.83
<PER-SHARE-NII> (.09)
<PER-SHARE-GAIN-APPREC> 8.77
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .43
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 24.08
<EXPENSE-RATIO> 1.24
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 03
<NAME> IAI MIDCAP GROWTH FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-START> APR-01-1995
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 93890
<INVESTMENTS-AT-VALUE> 122147
<RECEIVABLES> 254
<ASSETS-OTHER> 263
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 122664
<PAYABLE-FOR-SECURITIES> 173
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 116
<TOTAL-LIABILITIES> 289
<SENIOR-EQUITY> 69
<PAID-IN-CAPITAL-COMMON> 92625
<SHARES-COMMON-STOCK> 6915
<SHARES-COMMON-PRIOR> 5736
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1425
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 28256
<NET-ASSETS> 122375
<DIVIDEND-INCOME> 639
<INTEREST-INCOME> 281
<OTHER-INCOME> 0
<EXPENSES-NET> 1289
<NET-INVESTMENT-INCOME> (369)
<REALIZED-GAINS-CURRENT> 4572
<APPREC-INCREASE-CURRENT> 17556
<NET-CHANGE-FROM-OPS> 21759
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 6610
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5169
<NUMBER-OF-SHARES-REDEEMED> 4389
<SHARES-REINVESTED> 399
<NET-CHANGE-IN-ASSETS> 34299
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 3828
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 775
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1376
<AVERAGE-NET-ASSETS> 103297
<PER-SHARE-NAV-BEGIN> 15.35
<PER-SHARE-NII> (.05)
<PER-SHARE-GAIN-APPREC> 3.5
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.1
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.7
<EXPENSE-RATIO> 1.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> IAI BALANCED FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-START> APR-01-1995
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 35170
<INVESTMENTS-AT-VALUE> 39074
<RECEIVABLES> 579
<ASSETS-OTHER> 944
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 40597
<PAYABLE-FOR-SECURITIES> 1747
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 51
<TOTAL-LIABILITIES> 1798
<SENIOR-EQUITY> 34
<PAID-IN-CAPITAL-COMMON> 32644
<SHARES-COMMON-STOCK> 3365
<SHARES-COMMON-PRIOR> 3917
<ACCUMULATED-NII-CURRENT> 423
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1719
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3979
<NET-ASSETS> 38799
<DIVIDEND-INCOME> 357
<INTEREST-INCOME> 1171
<OTHER-INCOME> 0
<EXPENSES-NET> 511
<NET-INVESTMENT-INCOME> 1017
<REALIZED-GAINS-CURRENT> 3005
<APPREC-INCREASE-CURRENT> 704
<NET-CHANGE-FROM-OPS> 4727
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1133
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 629
<NUMBER-OF-SHARES-REDEEMED> 1282
<SHARES-REINVESTED> 101
<NET-CHANGE-IN-ASSETS> (2620)
<ACCUMULATED-NII-PRIOR> 523
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 1273
<GROSS-ADVISORY-FEES> 307
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 551
<AVERAGE-NET-ASSETS> 40983
<PER-SHARE-NAV-BEGIN> 10.57
<PER-SHARE-NII> .29
<PER-SHARE-GAIN-APPREC> .97
<PER-SHARE-DIVIDEND> .3
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.53
<EXPENSE-RATIO> 1.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 07
<NAME> IAI CAPITAL APPRECIATION FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-START> FEB-01-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 8302
<INVESTMENTS-AT-VALUE> 8660
<RECEIVABLES> 0
<ASSETS-OTHER> 963
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9623
<PAYABLE-FOR-SECURITIES> 206
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6
<TOTAL-LIABILITIES> 212
<SENIOR-EQUITY> 8
<PAID-IN-CAPITAL-COMMON> 9066
<SHARES-COMMON-STOCK> 838
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 22
<ACCUM-APPREC-OR-DEPREC> 358
<NET-ASSETS> 9411
<DIVIDEND-INCOME> 1
<INTEREST-INCOME> 7
<OTHER-INCOME> 0
<EXPENSES-NET> 7
<NET-INVESTMENT-INCOME> 1
<REALIZED-GAINS-CURRENT> (22)
<APPREC-INCREASE-CURRENT> 358
<NET-CHANGE-FROM-OPS> 337
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 868
<NUMBER-OF-SHARES-REDEEMED> 31
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 9411
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8
<AVERAGE-NET-ASSETS> 3423
<PER-SHARE-NAV-BEGIN> 10
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 1.24
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.24
<EXPENSE-RATIO> 1.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
EXHIBIT 99.77C
On March 21, 1996, a special
meeting of the shareholders of IAI
Investment Funds VI, Inc., IAI Emerging
Growth Fund, IAI Midcap Growth Fund and
IAI Balanced Fund (the "Funds") was
held. In addition to the approval of
auditors, continuation of the current
advisory contract and the election of
directors the meeting also addressed
the approval of a new Management
Agreement.
The Management Agreement provides
that IAI will provide or arrange for
the provision of services needed by the
Funds. These services include
investment advisory, administrative and
other miscellaneous shareholder
services. The Management Agreement
does not compensate IAI for any
distribution services it may arrange
for the Funds. The Management
Agreement further provides that IAI
will pay all of a Fund's expenses
except brokerage commissions and other
expenditures in connection with the
purchase and sale of portfolio
securities, interest expense and any
taxes and extraordinary expenses
specifically approved by a majority of
a Fund's disinterested directors.
Finally, the basis for calculating the
fees under the Management Agreement is
average daily net assets. The switch
from average month-end net assets to
average daily net assets is expected to
have a negligible effect on the dollar
amount of the total fees and expenses
the affected Funds pay. The new, all-
inclusive fee, as a percentage of a
Fund's average daily net assets, that
the Funds will pay IAI under the
Management agreement is equal to 1.25%
of the first $250 million in net
assets, 1.20% of the next $250 million
in net assets, and 1.10% of net assets
in excess of $500 million.
The results of the proxy ballots
are as follows: IAI Emerging Growth
Fund had 20,108,660 shares voted for
the new Management Agreement and
107,774 shares voted against the new
Management Agreement, IAI Midcap Fund
had 4,669,595 shares voted for the new
Management Agreement and 37,391 shares
voted against the agreement, and IAI
Balanced Fund had 2,626,459 shares
voted for the new Management Agreement
and 499 shares voted against the new
Management Agreement.
