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Filed pursuant to Rule 497(e)
Registration No. 33-69012
SUPPLEMENT DATED AUGUST 1, 1995
TO THE JOINT PROSPECTUS DATED MAY 1, 1995 OF
IAI REGIONAL PORTFOLIO
IAI BALANCED PORTFOLIO
IAI RESERVE PORTFOLIO
(SEPARATE PORTFOLIOS OF IAI RETIREMENT FUNDS, INC.)
The following replaces the fifth paragraph under "Management."
Larry Hill, John Twele and Mark Simenstad have responsibility for the
management of Balanced Portfolio. Mr. Hill, IAI's Chief Investment Officer, has
general responsibility for Balanced Fund's investment activities. Mr. Hill is
an Executive Vice President and Director of IAI and has served as its Chief
Fixed Income Officer since 1984. Mr. Twele has managed Balanced Portfolio's
equity securities since April 1994, when he joined IAI as a Vice President and
equity portfolio manager. Before joining IAI, Mr. Twele had been a Senior
Equity Analyst with IDS Financial Services since 1987. Mr. Simenstad has
managed Balanced Portfolio's fixed income securities since 1993. Mr. Simenstad
is a Vice President of IAI and has served as a fixed income portfolio manager
since joining IAI in 1993. Before joining IAI, Mr. Simenstad served as a fixed
income portfolio manager for Lutheran Brotherhood from 1983 to 1993.
The following is added to the last paragraph under "Dividends,
Distributions and Tax Status."
To reduce the volume of mail you receive, only one copy of most Fund
reports, such as the Fund's Annual Report, may be mailed to your household (same
surname, same address). Please call IAI Mutual Fund Shareholder Services at
1-800-945-3863 if you wish to receive additional shareholder reports.
