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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 5
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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 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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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 25598
<PAGE> PAGE 21
071 B000700 42608
071 C000700 49763
071 D000700 51
072 A000700 12
072 B000700 97
072 C000700 69
072 D000700 0
072 E000700 0
072 F000700 718
072 G000700 0
072 H000700 0
072 I000700 0
072 J000700 0
072 K000700 0
072 L000700 0
072 M000700 13
072 N000700 0
072 O000700 0
072 P000700 4
072 Q000700 0
072 R000700 0
072 S000700 0
072 T000700 0
072 U000700 0
072 V000700 0
072 W000700 0
072 X000700 735
072 Y000700 14
072 Z000700 -555
072AA000700 11569
072BB000700 10284
072CC010700 0
072CC020700 12318
072DD010700 0
072DD020700 0
072EE000700 6234
073 A010700 0.0000
073 A020700 0.0000
073 B000700 1.8091
073 C000700 0.0000
074 A000700 298
074 B000700 0
074 C000700 0
074 D000700 0
074 E000700 0
074 F000700 37828
074 G000700 0
074 H000700 0
074 I000700 0
074 J000700 35
074 K000700 0
<PAGE> PAGE 22
074 L000700 76
074 M000700 0
074 N000700 38237
074 O000700 0
074 P000700 0
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 2
074 S000700 0
074 T000700 38235
074 U010700 2955
074 U020700 0
074 V010700 12.94
074 V020700 0.00
074 W000700 0.0000
074 X000700 1564
074 Y000700 0
075 A000700 0
075 B000700 51299
076 000700 0.00
SIGNATURE JILL STEVENSON
TITLE MANAGER MUTUAL FUNDS
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 01
<NAME> IAI EMERGING GROWTH FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> APR-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 40255
<INVESTMENTS-AT-VALUE> 58742
<RECEIVABLES> 764
<ASSETS-OTHER> 782
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 60288
<PAYABLE-FOR-SECURITIES> 512
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 512
<SENIOR-EQUITY> 45
<PAID-IN-CAPITAL-COMMON> 35401
<SHARES-COMMON-STOCK> 4490
<SHARES-COMMON-PRIOR> 8943
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 28
<ACCUMULATED-NET-GAINS> 5871
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 18487
<NET-ASSETS> 59776
<DIVIDEND-INCOME> 4
<INTEREST-INCOME> 267
<OTHER-INCOME> 0
<EXPENSES-NET> 1214
<NET-INVESTMENT-INCOME> (943)
<REALIZED-GAINS-CURRENT> 19044
<APPREC-INCREASE-CURRENT> (20663)
<NET-CHANGE-FROM-OPS> (2562)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 32980
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 16293
<NUMBER-OF-SHARES-REDEEMED> 23099
<SHARES-REINVESTED> 2353
<NET-CHANGE-IN-ASSETS> (102136)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 52183
<OVERDISTRIB-NII-PRIOR> 34
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1176
<INTEREST-EXPENSE> 37
<GROSS-EXPENSE> 1236
<AVERAGE-NET-ASSETS> 94111
<PER-SHARE-NAV-BEGIN> 18.11
<PER-SHARE-NII> (.15)
<PER-SHARE-GAIN-APPREC> .36
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 5.01
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.31
<EXPENSE-RATIO> 1.29
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 03
<NAME> IAI MIDCAP GROWTH FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> APR-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 34100
<INVESTMENTS-AT-VALUE> 40113
<RECEIVABLES> 737
<ASSETS-OTHER> 715
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 41565
<PAYABLE-FOR-SECURITIES> 2133
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1
<TOTAL-LIABILITIES> 2134
<SENIOR-EQUITY> 28
<PAID-IN-CAPITAL-COMMON> 27196
<SHARES-COMMON-STOCK> 2754
<SHARES-COMMON-PRIOR> 5191
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6195
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6013
<NET-ASSETS> 39431
<DIVIDEND-INCOME> 236
<INTEREST-INCOME> 27
<OTHER-INCOME> 0
<EXPENSES-NET> 674
<NET-INVESTMENT-INCOME> (411)
<REALIZED-GAINS-CURRENT> 11021
<APPREC-INCREASE-CURRENT> (5017)
<NET-CHANGE-FROM-OPS> 5593
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 13573
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1487
<NUMBER-OF-SHARES-REDEEMED> 4885
<SHARES-REINVESTED> 961
<NET-CHANGE-IN-ASSETS> (43174)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 9157
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 630
<INTEREST-EXPENSE> 43
<GROSS-EXPENSE> 685
<AVERAGE-NET-ASSETS> 50372
<PER-SHARE-NAV-BEGIN> 15.91
<PER-SHARE-NII> (.12)
<PER-SHARE-GAIN-APPREC> 2.53
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 4.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.32
<EXPENSE-RATIO> 1.34
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> IAI BALANCED FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> APR-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 21994
<INVESTMENTS-AT-VALUE> 24501
<RECEIVABLES> 104
<ASSETS-OTHER> 1268
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 26814
<PAYABLE-FOR-SECURITIES> 1411
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7
<TOTAL-LIABILITIES> 1418
<SENIOR-EQUITY> 24
<PAID-IN-CAPITAL-COMMON> 21242
<SHARES-COMMON-STOCK> 2355
<SHARES-COMMON-PRIOR> 2450
<ACCUMULATED-NII-CURRENT> 436
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1196
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2497
<NET-ASSETS> 25396
<DIVIDEND-INCOME> 321
<INTEREST-INCOME> 779
<OTHER-INCOME> 0
<EXPENSES-NET> 395
<NET-INVESTMENT-INCOME> 705
<REALIZED-GAINS-CURRENT> 4309
<APPREC-INCREASE-CURRENT> (2515)
<NET-CHANGE-FROM-OPS> 2499
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 521
<DISTRIBUTIONS-OF-GAINS> 7383
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2101
<NUMBER-OF-SHARES-REDEEMED> 2882
<SHARES-REINVESTED> 685
<NET-CHANGE-IN-ASSETS> (5865)
<ACCUMULATED-NII-PRIOR> 112
<ACCUMULATED-GAINS-PRIOR> 4410
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 390
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 403
<AVERAGE-NET-ASSETS> 31164
<PER-SHARE-NAV-BEGIN> 12.76
<PER-SHARE-NII> .28
<PER-SHARE-GAIN-APPREC> .93
<PER-SHARE-DIVIDEND> .20
<PER-SHARE-DISTRIBUTIONS> 2.99
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.78
<EXPENSE-RATIO> 1.27
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 07
<NAME> IAI CAPITAL APPRECIATION FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> APR-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 35439
<INVESTMENTS-AT-VALUE> 37828
<RECEIVABLES> 111
<ASSETS-OTHER> 298
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 38237
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2
<TOTAL-LIABILITIES> 2
<SENIOR-EQUITY> 30
<PAID-IN-CAPITAL-COMMON> 34618
<SHARES-COMMON-STOCK> 2955
<SHARES-COMMON-PRIOR> 3672
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1198
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2389
<NET-ASSETS> 38235
<DIVIDEND-INCOME> 69
<INTEREST-INCOME> 97
<OTHER-INCOME> 0
<EXPENSES-NET> 721
<NET-INVESTMENT-INCOME> (555)
<REALIZED-GAINS-CURRENT> 1285
<APPREC-INCREASE-CURRENT> (12318)
<NET-CHANGE-FROM-OPS> (11588)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 6234
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3267
<NUMBER-OF-SHARES-REDEEMED> 4390
<SHARES-REINVESTED> 406
<NET-CHANGE-IN-ASSETS> (27720)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 6147
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 718
<INTEREST-EXPENSE> 4
<GROSS-EXPENSE> 735
<AVERAGE-NET-ASSETS> 51299
<PER-SHARE-NAV-BEGIN> 17.96
<PER-SHARE-NII> (.19)
<PER-SHARE-GAIN-APPREC> (3.02)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.81
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.94
<EXPENSE-RATIO> 1.41
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
