SEMI-ANNUAL REPORT
Money Market Fund
IAI Money Market Fund
JULY 31, 1999
[LOGO]
IAI
MUTUAL FUNDS
<PAGE>
TABLE OF CONTENTS
IAI MONEY MARKET FUND
SEMI-ANNUAL REPORT
JULY 31, 1999
(UNAUDITED)
Letter to Shareholders ...................... 2
Fund Manager's Review ....................... 3
Fund Portfolio .............................. 5
Notes to Fund Portfolio ..................... 7
Statement of Assets and Liabilities ......... 8
Statement of Operations ..................... 9
Statements of Changes in Net Assets ......... 10
Financial Highlights ........................ 11
Notes to Financial Statements ............... 12
Adviser, Custodian, Legal Counsel,
Independent Auditors,
Directors .................... Inside Back Cover
<PAGE>
LETTER TO SHAREHOLDERS
----------------------
IAI MONEY MARKET FUND
ECONOMIC OUTLOOK
A summary of economic outlook as provided by Larry Hill, IAI's Chief Fixed
Income Officer, is presented below.
GENERAL ECONOMY
Moderating housing activity, rising imports and a pause in technology spading
will dampen growth in the middle quarters of the year. Real GDP will expand by
about 3 1/2% of this year.
INFLATION
Selected commodity markets have strengthened, unit labor costs show early signs
of acceleration and inflation fears have returned. This has raised the level of
risk in the market.
LABOR MARKET
While labor markets appear tight by historical standards, capital spending,
productivity gains in some industries, global competition, a strong dollar and
corporate cost control have inhibited excessive wage growth. However, early
signs of wage pressure are now emerging.
MONETARY POLICY
The Fed responded aggressively last fall to prevent a financial market meltdown.
These moves restored financial market health and helped to relieve stress
overseas. A strong U.S. economy, the return of financial market stability and
fears of overheating and rising inflation, prompted the Fed to hike rates by
another 25 basis points in August. These pre-emptive moves will be followed by
additional tightening if rising inflationary pressures don't abate.
BOND MARKET OUTLOOK
The Fed's recent rate hikes were widely anticipated by the market. As a result,
bond yields rose, the yield curve flattened and credit spreads widened ahead of
the Fed's action. Market yields are attractive at current levels, but cyclical
risks are rising. Interest rates and yield spreads will remain under pressure
until either the economy cools or a financial accident threatens.
Please read the Fund Manager's Review, which follows this letter, for a detailed
perspective on Fund performance and our strategy going forward. We appreciate
your continued trust and confidence in IAI. If there is any way we can serve you
better, please let us know by calling our toll-free Investor Services Hotline at
1-800-945-3863.
2
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<PAGE>
FUND MANAGER'S REVIEW
---------------------
IAI MONEY MARKET FUND
IAI MONEY MARKET FUND
HOW HAS THE FUND PERFORMED?
The Fund earned a return of 2.18% for the six months ended July 31, 1999. This
compares favorably with the Lipper Money Market Instrument Fund Average which
returned 2.10%.
WERE THERE ANY SIGNIFICANT CHANGES?
There were no major changes during the past six months.
CAN YOU POINT TO ANY SPECIFIC MARKET FACTORS THAT INFLUENCED THE FUND'S
PERFORMANCE?
Interest rates continued to rise during the second quarter as very strong
economic growth led to concerns about future inflation. Short-term interest
rates rose along with the rest of the market. One month top tier commercial
paper yields rose to 5.13%. The Fund is maintaining a relatively short average
maturity. This allowed us to take advantage of the higher reinvestment rates.
WHAT IS YOUR OUTLOOK FOR THE FUND?
Market yields are attractive at current levels when compared to expected future
inflation. However, the market faces some near-term risks, thus momentum and
investor sentiment are both negative. Economic fundamentals continue to show
solid growth with only moderate inflation risk. As these fundamental realities
are recognized by market participants, a favorable environment for fixed income
investments will develop. Investment strategy in the Fund continues to emphasize
tier I commercial paper, supplemented with Federal agency issues.
3
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<PAGE>
FUND MANAGER'S REVIEW
---------------------
IAI MONEY MARKET FUND
AVERAGE ANNUAL RETURNS+
THROUGH 7/31/99
<TABLE>
<CAPTION>
Since
Inception
6 Months** 1 Year 5 Years 1/05/93
=====================================================================================================
<S> <C> <C> <C> <C>
IAI MONEY MARKET FUND 2.18% 4.63% 4.95% 4.48%
- -----------------------------------------------------------------------------------------------------
Lipper Money Market Instrument Fund Average 2.10% 4.46% 4.83% 4.33%*
</TABLE>
+PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE.
*SINCE 1/1/93.
**NOT ANNUALIZED.
SECTORS
% OF PORTFOLIO AS OF 7/31/99
Commercial Paper 91%
Foreign Government 8%
U.S. Government Agency 1%
EFFECTIVE MATURITY
% OF PORTFOLIO AS OF 7/31/99
0-1 month 77%
1-3 months 19%
OVER 3 months 4%
NOTE TO THE
LETTER TO
SHAREHOLDERS
& FUND
MANAGER'S
REVIEW
PERFORMANCE DATA FOR THE IAI MONEY MARKET FUND ASSUMES REINVESTMENT OF ALL
DIVIDENDS. THE IAI MONEY MARKET FUND IS MANAGED TO MAINTAIN A STABLE SHARE VALUE
OF $1.00 AND HISTORICALLY HAS ALWAYS ACHIEVED THIS OBJECTIVE. BUT, UNLIKE BANK
DEPOSITS AND CDS, MONEY MARKET FUNDS ARE NOT GUARANTEED, AND THERE CAN BE NO
ASSURANCE THAT A STABLE SHARE VALUE WILL BE MAINTAINED.
PAST PERFORMANCE IS NOT A GUARANTEE OF FUTURE RESULTS. MORE COMPLETE
INFORMATION ABOUT THE FUND, INCLUDING CHARGES, AND EXPENSES, IS AVAILABLE IN
THE PROSPECTUS. PLEASE READ THE FUND'S PROSPECTUS CAREFULLY BEFORE INVESTING.
ALL INDICES CITED ARE UNMANAGED, AND ARE EITHER TRADEMARKS, REGISTERED
TRADEMARKS OR COPYRIGHTS OF THEIR RESPECTIVE SPONSORING COMPANIES.
4
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FUND PORTFOLIO
--------------
IAI MONEY MARKET FUND
JULY 31, 1999
(UNAUDITED)
(PERCENTAGE FIGURES INDICATE PERCENTAGE OF TOTAL NET ASSETS)
U.S. GOVERNMENT AGENCY SECURITIES - 1.3%
<TABLE>
<CAPTION>
Principal Market
Rate Maturity Amount Value (a)
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. GOVERNMENT AGENCY DISCOUNT NOTES - 0.2%
Federal National Mortgage Association 4.78 08/06/99 $ 36,000 $ 35,976
- --------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATION - 1.1%
Tennessee Valley Authority 8.38 10/01/99 250,000 251,223
============================================================================================
TOTAL INVESTMENTS IN U.S. GOVERNMENT AGENCY SECURITIES
(COST: $287,199)...................................................................$287,199
============================================================================================
FOREIGN GOVERNMENT SECURITY - 7.4%
<CAPTION>
Principal Market
Rate Maturity Amount Value (a) (b)
- ----------------------------------------------------------------------------------------------
Canada Bill 4.67 09/20/99 1,700,000 $1,688,903
==============================================================================================
TOTAL INVESTMENT IN FOREIGN GOVERNMENT SECURITY
(COST: $1,688,903)............................................................... $1,688,903
==============================================================================================
COMMERCIAL PAPER - 90.3%
<CAPTION>
Principal Market
Rate Maturity Amount Value (a)
- ----------------------------------------------------------------------------------------------
AUTOMOBILE FINANCING - 8.8%
Ford Motor Credit 5.06 08/09/99 1,000,000 $ 998,876
General Motors Acceptance 5.05 08/11/99 1,000,000 998,597
----------
1,997,473
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DRUGS - 9.5%
Pfizer 5.05 08/17/99 1,000,000 997,756
Warner Lambert 4.83 08/23/99 1,175,000 1,171,532
----------
2,169,288
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FINANCIAL - 20.7%
Associates 5.08 08/18/99 1,200,000 1,197,121
IBM Credit 5.05 08/20/99 1,250,000 1,246,668
KFW International Finance 5.09 10/12/99 1,150,000 1,138,293
Pitney Bowes Credit 5.10 08/02/99 1,120,000 1,119,841
----------
4,701,923
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FOODS AND FOOD PROCESSING - 9.9%
Anheuser Busch 5.80 08/02/99 1,120,000 1,119,842
Coca-Cola 5.07 08/12/99 1,130,000 1,128,250
----------
2,248,092
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</TABLE>
SEE ACCOMPANYING NOTES TO FUND PORTFOLIO.
5
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<PAGE>
FUND PORTFOLIO
--------------
IAI MONEY MARKET FUND
JULY 31, 1999
(UNAUDITED)
(PERCENTAGE FIGURES INDICATE PERCENTAGE OF TOTAL NET ASSETS)
COMMERCIAL PAPER (CONT.)
<TABLE>
<CAPTION>
Principal Market
Rate Maturity Amount Value (a)
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INDUSTRIAL FINANCING - 20.6%
Bellsouth Capital Funding 5.07 08/10/99 $1,250,000 $1,248,419
General Electric Capital 5.43 01/24/00 1,000,000 973,453
Unilever Capital 5.03 08/16/99 1,200,000 1,197,485
Xerox Capital (Europe) 5.07 08/04/99 1,250,000 1,249,472
----------
4,668,829
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RETAIL - 6.2%
Gillette 5.02 08/05/99 1,000,000 999,442
Procter & Gamble 5.10 08/02/99 400,000 399,943
----------
1,399,385
- --------------------------------------------------------------------------------------------
UTILITIES - 14.6%
Duke Energy 5.05 08/06/99 1,200,000 1,199,158
National Rural Utilities 5.10 08/18/99 1,000,000 997,592
Wisconsin Electric Fuel 5.10 09/02/99 1,125,000 1,119,900
----------
3,316,650
============================================================================================
TOTAL INVESTMENTS IN COMMERCIAL PAPER
(COST: $20,501,640)............................................................. $20,501,640
============================================================================================
INVESTMENT COMPANY - 0.3%
<CAPTION>
Principal Market
Rate Amount Value (a)
- --------------------------------------------------------------------------------------------
Firstar Institutional Money Market Fund 4.74 73,866 73,866
============================================================================================
TOTAL INVESTMENT IN INVESTMENT COMPANY
(COST: $73,866)..................................................................... $73,866
============================================================================================
TOTAL INVESTMENTS IN SECURITIES
(COST: $22,551,608) (c)......................................................... $22,551,608
============================================================================================
OTHER ASSETS AND LIABILITIES (NET) - 0.7% ......................................... $155,632
============================================================================================
TOTAL NET ASSETS ............................................................... $22,707,240
============================================================================================
</TABLE>
SEE ACCOMPANYING NOTES TO FUND PORTFOLIO.
6
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<PAGE>
NOTES TO FUND PORTFOLIO
-----------------------
IAI MONEY MARKET FUND
JULY 31, 1999
(UNAUDITED)
(a)
Market value of securities is determined as described in Note 1 to the financial
statements, under "Security Valuation."
(b)
Foreign security cost and market values are stated in U.S. dollars.
(c)
At July 31, 1999, the cost of securities for federal income tax purposes and the
aggregate gross unrealized appreciation and depreciation based on that cost were
as follows:
Cost for federal tax purposes ......... $22,551,608
===========
Gross unrealized appreciation ......... $ --
Gross unrealized depreciation ......... --
-----------
Net unrealized appreciation ........... $ --
===========
7
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<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
-----------------------------------
IAI MONEY MARKET FUND
JULY 31, 1999
(UNAUDITED)
- --------------------------------------------------------------------------
ASSETS
Investments in securities, at value (cost: $22,551,608) $22,551,608
Cash in bank on demand deposit 158,135
Dividends and accrued interest receivable 7,317
Other Assets 2,763
-----------
TOTAL ASSETS 22,719,823
-----------
LIABILITIES
Accrued management fee 12,583
-----------
TOTAL LIABILITIES 12,583
-----------
NET ASSETS APPLICABLE TO OUTSTANDING CAPITAL STOCK $22,707,240
===========
NET ASSETS REPRESENTED BY:
Capital stock $ 227,076
Additional paid-in capital 22,480,585
Accumulated net realized losses on investments (421)
-----------
TOTAL -- REPRESENTING NET ASSETS APPLICABLE TO
OUTSTANDING CAPITAL STOCK $22,707,240
===========
Shares of capital stock outstanding (authorized 10 billion
shares, $0.01 par value stock) 22,734,531
-----------
NET ASSET VALUE PER SHARE OF OUTSTANDING CAPITAL STOCK $ 1.00
===========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
8
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<PAGE>
STATEMENT OF OPERATIONS
-----------------------
IAI MONEY MARKET FUND
SIX MONTHS ENDED JULY 31, 1999
(UNAUDITED)
- ---------------------------------------------------------------------
NET INVESTMENT INCOME
INCOME:
Interest $765,782
--------
TOTAL INCOME 765,782
--------
EXPENSES (NOTE 3)
Management fees 93,005
Compensation of Directors 4,820
--------
TOTAL EXPENSES 97,825
Less fees reimbursed by Advisers (4,820)
--------
NET EXPENSES 93,005
--------
NET INVESTMENT INCOME $672,777
--------
NET REALIZED LOSSES
Net realized losses on investment securities $ (421)
--------
NET LOSS ON INVESTMENTS (421)
--------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $672,356
========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
9
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<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
-----------------------------------
IAI MONEY MARKET FUND
<TABLE>
<CAPTION>
Six months ended
July 31, 1999 Year ended
(UNAUDITED) January 31, 1999
- ------------------------------------------------------------------------------------------------------
<S> <C> <C>
OPERATIONS
Net investment income $ 672,777 $ 1,611,574
Net realized loss (421) --
------------- --------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 672,356 1,611,574
------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (672,777) (1,624,333)
------------- --------------
TOTAL DISTRIBUTIONS (672,777) (1,624,333)
------------- --------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from sale of 23,057,647 and 319,779,221 shares 23,052,277 319,779,221
Net asset value of 750,227 and 1,544,057 shares issued in
reinvestment of distributions 750,227 1,544,057
Cost of 36,525,046 and 308,387,023 shares redeemed (36,525,046) (308,387,024)
------------- --------------
INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE
TRANSACTIONS (12,722,542) 12,936,254
------------- --------------
TOTAL INCREASE (DECREASE) IN NET ASSETS (12,722,963) 12,923,495
NET ASSETS AT BEGINNING OF PERIOD 35,430,203 22,506,708
------------- --------------
NET ASSETS AT END OF PERIOD $ 22,707,240 $ 35,430,203
============= ==============
INCLUDING UNDISTRIBUTED NET INVESTMENT INCOME OF: $ -- $ --
============= ==============
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
10
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<PAGE>
FINANCIAL HIGHLIGHTS
--------------------
IAI MONEY MARKET FUND
PER SHARE DATA FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH
PERIOD AND SELECTED INFORMATION FOR EACH PERIOD INDICATED ARE AS FOLLOWS:
<TABLE>
<CAPTION>
Years ended
Six months ended January 31,
July 31, 1999 -----------------------------------------------
(UNAUDITED) 1999 1998 1997 1996
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE
Beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
--------------------------------------------------------------
OPERATIONS
Net investment income 0.03 0.05 0.05 0.05 0.05
--------------------------------------------------------------
DISTRIBUTIONS
Net investment income (0.03) (0.05) (0.05) (0.05) (0.05)
--------------------------------------------------------------
NET ASSET VALUE
End of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
==============================================================
Total investment return* 2.18% 4.96% 5.05% 4.89% 5.46%
Net assets at end of period
(000's omitted) $22,707 $35,430 $22,507 $26,140 $27,395
RATIOS
Expenses to average daily net
assets*** 0.60%** 0.60% 0.60% 0.56% 0.50%
Net investment income to
average daily net assets*** 4.35%** 4.93% 4.93% 4.80% 5.34%
<CAPTION>
Period from Year ended
April 1, 1994 to March 31,
January 31, 1995+ 1994
-------------------------------
<S> <C> <C>
NET ASSET VALUE
Beginning of period $ 1.00 $ 1.00
---------------------------
OPERATIONS
Net investment income 0.03 0.03
---------------------------
DISTRIBUTIONS
Net investment income (0.03) (0.03)
---------------------------
NET ASSET VALUE
End of period $ 1.00 $ 1.00
===========================
Total investment return* 3.47% 2.88%
Net assets at end of period
(000's omitted) $33,175 $29,788
RATIOS
Expenses to average daily net
assets*** 0.50%** 0.45%
Net investment income to
average daily net assets*** 4.12%** 2.73%
</TABLE>
+REFLECTS FISCAL YEAR-END CHANGE FROM MARCH 31 TO JANUARY 31.
*TOTAL INVESTMENT RETURN IS BASED ON THE CHANGE IN NET ASSET VALUE OF A SHARE
DURING THE PERIOD AND ASSUMES REINVESTMENT OF ALL DISTRIBUTIONS AT NET ASSET
VALUE.
**ANNUALIZED
***THE FUND'S ADVISER VOLUNTARILY WAIVED $21,950, $76,386, $81,895 AND $147,924
IN EXPENSES FOR THE YEARS ENDED JANUARY 31, 1997 AND 1996, THE PERIOD ENDED
JANUARY 31, 1995 AND THE YEAR ENDED MARCH 31, 1994, RESPECTIVELY. IF THE FUND
HAD BEEN CHARGED FOR THESE EXPENSES, THE RATIO OF EXPENSES TO AVERAGE DAILY
NET ASSETS WOULD HAVE BEEN .63%, .74%, .88% AND .88% RESPECTIVELY, AND THE
RATIO OF NET INVESTMENT INCOME TO AVERAGE DAILY NET ASSETS WOULD HAVE BEEN
4.73%, 5.10%, 3.74% AND 2.30%, RESPECTIVELY.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
11
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<PAGE>
NOTES TO FINANCIAL STATEMENTS
-----------------------------
IAI MONEY MARKET FUND
JULY 31, 1999
(UNAUDITED)
[1] SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
IAI Investment Funds VI, Inc. is registered under the Investment Company Act of
1940 (as amended) as a diversified, open-end management investment company. IAI
Money Market Fund (Money Market Fund) is a separate portfolio of IAI Investment
Funds VI, Inc. The Fund's objective is to provide shareholders with a high level
of current income consistent with the preservation of capital and liquidity.
This report covers only the Money Market Fund (the Fund).
Significant accounting policies followed by the Fund are summarized below:
SECURITY VALUATION
Pursuant to Rule 2a-7 of the Investment Company Act of 1940 (as amended), all
securities in the Fund are valued daily at amortized cost, which approximates
market value, in order to maintain a constant net asset value of $1 per share.
Investment companies are valued at net asset value which approximates market
value.
FEDERAL TAXES
Since it is the Fund's policy to comply with the provisions of the Internal
Revenue Code applicable to regulated investment companies and to distribute all
of its taxable income to its shareholders, no provision for income taxes is
required. In order to avoid the payment of any federal excise taxes, the Fund is
required to distribute substantially all of its net investment income and net
realized gains on a calendar year basis.
SECURITY TRANSACTIONS AND INVESTMENT INCOME
The Fund records security transactions on trade date, the date the securities
are purchased or sold. Interest income is accrued daily. Discounts and premiums
are accreted and amortized, respectively, to interest income over the lives of
the respective securities. Security gains and losses are determined on the basis
of identified cost, which is the same basis used for federal income tax
purposes.
DISTRIBUTIONS TO SHAREHOLDERS
Distributions to shareholders from net investment income are declared daily and
paid on the first business day of the following month. Capital gains, if any,
are primarily distributed as of the end of the calendar year. Additional capital
gains distributions as needed to comply with federal tax regulations are
distributed during the year.
USE OF ESTIMATES
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts in the financial statements. Actual results could
differ from those estimates.
[2] COMMITMENTS AND CONTINGENCIES
INSURANCE
For purposes of obtaining certain types of insurance coverage for the Fund and
its officers and directors, the Fund is a policyholder in an industry-sponsored
mutual insurance company (the Company). In connection with its obligation as a
policyholder, the Fund is committed to make future capital contributions, if
requested by the Company.
12
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<PAGE>
NOTES TO FINANCIAL STATEMENTS
-----------------------------
IAI MONEY MARKET FUND
JULY 31, 1999
(UNAUDITED)
[3] FEES AND EXPENSES
Under terms of the Fund's Management Agreement, Investment Advisers, Inc.
(Advisers) is required to pay for all expenses of the Fund, except certain costs
(primarily those incurred in the purchase and sale of assets, taxes, interest
and extraordinary expenses), in return for the Fund paying an all inclusive
management fee (unified fee) to Advisers. This fee is equal to an annual rate of
0.60% declining to 0.50% of average daily net assets. The fee is paid monthly.
The Management Agreement further provides that Advisers will reimburse the Fund
for the fees and expenses it pays to Directors who are not "interested persons"
of the Fund or reduce its fee by an equivalent amount.
13
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------------------------------
------------------------------
INVESTMENT ADVISER
AND MANAGER
Investment Advisers, Inc.
P.O. Box 357
Minneapolis, MN 55440-0357 USA
800.945.3863
http://www.iaifunds.com
CUSTODIAN
Firstar Bank Milwaukee, N.A.
P.O. Box 510
Milwaukee, WI 53201-0510
LEGAL COUNSEL
Dorey & Whitney LLP
220 South Sixth Street
Minneapolis, MN 55402
INDEPENDENT AUDITORS
KPMG LLP
4200 Norwest Center
Minneapolis, MN 55402
DIRECTORS
Madeline Betsch
W. William Hodgson
George R. Long
J. Peter Thompson
Charles H. Withers
------------------------------
------------------------------
<PAGE>
[LOGO]
IAI
MUTUAL FUNDS
P.O. BOX 701, MILWAUKEE, WI 53201-0701
800.945.3863
