Filed pursuant to Rule 497(e)
Registration No. 33-61834
Registration No. 2-66885
Registration No. 33-40496
Registration No. 2-39560
Registration No. 2-84589
SUPPLEMENT DATED JULY 2, 1997
TO THE JOINT PROSPECTUS DATED AUGUST 1, 1996
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.
Effective July 2, 1997, IAI Emerging Growth Fund has re-opened to all
investors who otherwise satisfy the Fund's purchase requirements. All prospectus
language concerning the Fund's February 1, 1996 closing is deleted.
